Take a large mixing bowl and mix all the ingredients listed under "Dry Ingredients" together with a hand whisk.
In a separate bowl, mix all the ingredients listed under "Wet Ingredients" together with a hand whisk.
Preheat the oven to 350 F. Transfer the wet ingredients to the dry ingredients and beat nicely with the hand whisk. Make sure everything is combined thoroughly.
Transfer the batter to a greased baking pan. Tap it gently to remove any bubbles and even the top. Bake for about 30 mins. Check after 30 mins by inserting a toothpick at the center. If the center is still raw, cook for 5 more mins. Leave the cake outside to come to room temperature before starting the icing process.
For the icing, take room temperature soft butter, cream cheese and vanilla extract in a mixing bowl. Beat them until nice and soft. Add the powdered sugar ½ Cup at a time and beat until nice and smooth.
Once the cake has cooled to room temperature, optionally cut the cake into required shape. I had cut it in heart shape.
Now, we will ice the cake. Place the first layer of the cake on a decorating pan. Ice the top of the first layer.
Place the second layer on top of the first layer. Ice the top of the cake. Then ice the sides of the cake. You should first do a thin icing coat. Then refrigerate for 10 - 15 mins. Once the icing sets a bit, again ice the whole cake. By this way you can ensure that you don't see the small red cake particles mixing with your icing.
Use a piping bag and decorate as you wish.
Enjoy with your Valentine.