PREHEAT oven to 350° F. Paper-line 22 muffin cups.
SIFT flour, baking cocoa and salt together into a medium bowl.
WHISK together sugar, oil and eggs in large mixer bowl until thoroughly combined. Whisk in food coloring. Gradually stir in flour mixture alternately with buttermilk (adding flour in three additions and buttermilk in two). Combine baking soda and vinegar in small bowl (it will foam); quickly fold into batter. Divide batter between paper cups, filling about 2/3 full.
BAKE for 18 to 20 minutes or until cupcake springs back when touched. Cool in pan for 10 minutes; remove to wire rack to cool completely.
FOR CREAM CHEESE FROSTING:
BEAT cream cheese and butter in large mixer bowl until light and fluffy, scraping down sides of bowl occasionally. Gradually beat in powdered sugar until light and fluffy. Beat in vanilla extract. Pipe onto cupcakes; decorate with sprinkles.