01 - Whisk together flour, cocoa powder, sugar, baking powder, baking soda, and salt in a large bowl until well blended.
02 - In a separate bowl, combine buttermilk, milk, eggs, melted butter, vanilla, and red food coloring. Whisk until smooth.
03 - Pour wet ingredients into dry ingredients. Gently fold until just combined; do not overmix. Batter should remain slightly lumpy.
04 - Heat a nonstick skillet or griddle over medium heat. Lightly grease with butter or oil.
05 - Pour 1/4 cup batter per pancake. Cook until bubbles form and edges appear set, about 2-3 minutes. Flip and cook 1-2 minutes longer until cooked through. Transfer to plate and repeat with remaining batter.
06 - Beat cream cheese until smooth. Add powdered sugar, milk, and vanilla. Beat until creamy and pourable, adding more milk 1 teaspoon at a time if needed.
07 - Stack pancakes on plates and drizzle generously with cream cheese topping. Serve immediately.