01 - Preheat 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. In a separate bowl, combine the buttermilk, softened butter, eggs, vanilla extract, and red food coloring until well blended. Pour the wet mixture into the dry ingredients and stir until smooth and no lumps remain. Transfer the batter to 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 and creamy. If the mixture feels too soft to handle, refrigerate for 15 minutes until it firms up slightly.
03 - Crumble the completely cooled red velvet cake into a large bowl, breaking it into fine, even crumbs. Add the cheesecake filling and mix thoroughly until a uniform, pliable dough forms. Roll the mixture into 1-inch balls and arrange them on a parchment-lined baking sheet. Place the tray in the freezer for at least 1 hour, or until the balls are firm and hold their shape.
04 - Place the chopped chocolate or melting wafers in a microwave-safe bowl and melt in 20-second intervals, stirring between each interval until completely smooth and glossy. Using a fork or dipping tool, submerge each frozen cake ball into the melted chocolate, turning to coat evenly. Lift out gently, tap off excess chocolate, and return to the parchment-lined sheet. If using sprinkles, apply them immediately before the chocolate begins to set.
05 - Allow the chocolate coating to harden at room temperature, or refrigerate the tray for faster setting. Once the shell is firm, serve the cheesecake balls chilled or at room temperature.