From the Southern Living site:
RED VELVET CHEESECAKE
1 1/2 cups chocolate graham cracker crumbs
1/4 cup butter, melted
1 tablespoon granulated sugar
3 (8-ounce) packages cream cheese, softened
1 1/2 cups granulated sugar
4 large eggs, lightly beaten
3 tablespoons unsweetened cocoa
1 cup sour cream
1/2 cup whole buttermilk
2 teaspoons vanilla extract
1 teaspoon distilled white vinegar
2 (1-ounce) bottles red food coloring
1 (3-ounce) package cream cheese, softened
1/4 cup butter, softened
2 cups powdered sugar
1 teaspoon vanilla extract
Garnish: fresh mint sprigs
Stir together graham cracker crumbs, melted butter, and 1 tablespoon granulated sugar; press mixture into bottom of a 9-inch springform pan.
Beat 3 (8-ounce) packages cream cheese and 1 1/2 cups granulated sugar at medium-low speed with an electric mixer 1 minute. Add eggs and next 6 ingredients, mixing on low speed just until fully combined. Pour batter into prepared crust.
Bake at 325° for 10 minutes; reduce heat to 300°, and bake for 1 hour and 15 minutes or until center is firm. Run knife along outer edge of cheesecake. Turn oven off. Let cheesecake stand in oven 30 minutes. Remove cheesecake from oven; cool in pan on a wire rack 30 minutes. Cover and chill 8 hours.
Beat 1 (3-ounce) package cream cheese and 1/4 cup butter at medium speed with an electric mixer until smooth; gradually add powdered sugar and vanilla, beating until smooth. Spread evenly over top of cheesecake. Remove sides of springform pan. Garnish, if desired.