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, granulated sugar, cocoa powder, baking soda, and salt until evenly combined. In a separate bowl, blend the buttermilk, softened butter, eggs, vanilla extract, and red food coloring until smooth. Pour the wet mixture into the dry ingredients and fold gently until just combined and no dry streaks remain. Transfer the batter to the prepared pan and spread evenly. 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 on medium speed until silky smooth and lump-free. If the mixture feels too soft to handle, refrigerate for 15 minutes to firm up slightly.
03 - Crumble the fully cooled red velvet cake into a large mixing bowl, breaking it down into fine, even crumbs. Add the cheesecake filling and work it into the crumbs with your hands or a spatula until a cohesive, moldable dough forms. Roll tablespoon-sized portions into smooth 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. Heat in 20-second intervals, stirring thoroughly between each burst, until the chocolate is completely melted and glossy. Using a fork or dipping tool, submerge each frozen ball into the melted chocolate, rolling to coat all sides evenly. Lift out gently, tap off excess chocolate, and return to the parchment-lined sheet. If using sprinkles, apply them immediately before the chocolate shell begins to set.
05 - Let the chocolate coating harden at room temperature, or place the tray in the refrigerator to speed up setting. Once fully set, serve the cheesecake balls chilled or at room temperature.