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 ingredients into the dry mixture, stirring just until combined and no lumps remain. Pour the batter into the prepared pan and bake for 18 to 20 minutes, or until a toothpick inserted into 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 to firm it up.
03 - Crumble the cooled red velvet cake into a large bowl, breaking it into fine, even pieces. Add the cheesecake mixture and work it into the cake crumbs with your hands or a spatula until a cohesive dough forms. Roll tablespoon-sized portions 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 to the touch.
04 - Place the chopped chocolate or melting wafers in a microwave-safe bowl and heat in 20-second intervals, stirring between each burst, until completely smooth and glossy. Using a fork or dipping tool, submerge each frozen ball into the melted chocolate, rolling gently to coat all sides evenly. Lift the ball out, tap off the excess chocolate, and return it to the parchment-lined sheet. Immediately add sprinkles if desired, before the shell begins to set.
05 - Allow the chocolate coating to harden at room temperature, or refrigerate the tray for faster setting. Once the shells are firm, serve the cheesecake balls chilled or at room temperature.