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. In a separate bowl, combine the buttermilk, softened butter, eggs, vanilla extract, and red food coloring until well blended. Gradually fold the wet mixture into the dry ingredients, stirring until smooth 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 it for about 15 minutes to firm up.
03 - Crumble the cooled red velvet cake into a large mixing bowl, breaking it into fine, even crumbs. Add the cheesecake filling and mix thoroughly with your hands or a spatula until a uniform, pliable dough forms. Roll tablespoon-sized portions into 1-inch balls and arrange them on a parchment-lined baking sheet. Place the sheet 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 melt in 20-second intervals, stirring between each burst, until completely smooth and glossy. Working one at a time, dip each frozen cake ball into the melted chocolate using a fork or dipping tool, turning to coat evenly. Tap off any excess chocolate and return the coated ball to the parchment-lined sheet. Decorate with sprinkles immediately before the chocolate begins to set.
05 - Allow the chocolate coating to harden at room temperature, or place the baking sheet in the refrigerator to speed up setting. Once firm, serve the cheesecake balls chilled or at room temperature.