01 - Preheat the oven to 350°F. Grease and line an 8x8-inch baking pan with parchment paper. In a large bowl, whisk together the flour, sugar, cocoa powder, baking soda, and salt until evenly distributed. In a separate bowl, combine the buttermilk, softened butter, eggs, vanilla extract, and red food coloring, mixing until smooth. Gradually fold the wet mixture into the dry ingredients, stirring until just combined and no lumps remain. Pour the batter into the prepared pan and bake for 18 to 20 minutes, or until a toothpick inserted in the center comes out clean. Allow the cake to cool completely in the pan.
02 - In a medium bowl, beat the softened cream cheese with powdered sugar and vanilla extract using an electric mixer until smooth, creamy, and free of lumps. If the mixture feels too soft to handle, refrigerate for 15 minutes to firm up.
03 - Crumble the cooled red velvet cake into a large bowl, breaking it into fine, even crumbs. Add the cheesecake mixture and work it into the crumbs with your hands or a spatula until a cohesive, pliable dough forms. Roll tablespoon-sized portions into 1-inch balls and arrange them on a parchment-lined baking sheet. Transfer the tray to the freezer for at least 1 hour, or until the balls are firm to the touch.
04 - Place the chopped chocolate or melting wafers in a microwave-safe bowl and melt in 20-second intervals, stirring thoroughly between each burst until completely smooth and glossy. Using a fork or dipping tool, submerge each frozen ball into the melted chocolate, turning to coat evenly. Lift out gently, tap off excess chocolate, and return to the parchment-lined sheet. Add sprinkles immediately before the chocolate begins to set, if desired.
05 - Allow the chocolate coating to harden at room temperature, or refrigerate the tray for faster setting. Once fully set, the cheesecake balls can be served chilled or brought to room temperature before enjoying.