Cut the butter into cubes and put them in a large bowl. Add the flour, sugar, cocoa, baking soda, eggs, cream cheese, and vanilla flavoring. Mix everything into a smooth batter with an electric whisk and add a few drops of food coloring. Stir again until the batter takes on an even deep red color.
In another bowl, mix the cream cheese, sugar, flour, butter, egg, and vanilla flavoring. Mix into a smooth batter.
Put roughly half of the red batter in a greased bundt cake pan and then spread the light batter on top around the circle. Try to keep the light mix from touching the inner and outer edges. Add the rest of the red batter on top and smooth it flat.
Bake the cake in a convection oven for 45 minutes at 350°F.
Stir together the icing sugar, cream, cream cheese, and vanilla flavoring until smooth. Transfer the frosting to a piping bag and squeeze out a loop pattern over your cooled, upturned Red Velvet Bundt Cake.
For the final touch, sprinkle edible decorative hearts on your finished work.