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1. Let eggs and 1/2 cup butter stand at room temperature for 30 minutes. Preheat oven to 350 degrees F. Grease and flour two 8x1-1/2-inch round baking pans; set aside.
2. In a medium bowl combine the flour, cocoa powder, and salt; set aside. In a large mixing bowl beat the 1/2 cup softened butter with an electric mixer on medium to high speed for 30 seconds. Add granulated sugar and vanilla; beat until combined. Add eggs, one at a time; beat on medium speed after each addition. Beat in food coloring on low speed.
3. Alternately add flour mixture and buttermilk to egg mixture; beat on low to medium speed after each addition just until combined. Stir together baking soda and vinegar. Add to batter; beat just until combined.
4. Spread batter in prepared pans. Bake for 25 to 30 minutes or until a toothpick inserted near centers comes out clean. Cool in pans on wire racks for 10 minutes. Remove from pans; cool completely.
5. For frosting, in a large mixing bowl beat cream cheese, 1/2 cup softened butter, orange peel, and orange juice with an electric mixer on medium speed until light and fluffy. Gradually beat in powdered sugar to reach spreading consistency.
6. Place one cake layer flat side up on a serving plate. Spread top with 3/4 cup frosting. Stack second layer, flat side down; spread remaining frosting on top and sides.