In a large mixing bowl, combine all-purpose flour, granulated sugar, cocoa powder, baking powder, and salt. Whisk these dry ingredients thoroughly until they're well blended.

In another bowl, whisk together milk, vegetable oil, eggs, liquid red food coloring, and vanilla extract until combined.

Gently pour the wet ingredients into the dry ingredients. Stir carefully until just combined; avoid overmixing.

Preheat your waffle iron according to the manufacturer’s instructions. Lightly grease with cooking spray or melted butter if necessary.

Once the waffle iron is hot, pour about 1/2 cup of the batter into the center and cook for 2-3 minutes until golden brown. Remove and let cool on a wire rack.

In a microwave-safe bowl, soften cream cheese in the microwave. Mix in milk and confectioner’s sugar until you achieve a smooth glaze.

Stack the waffles on a plate and drizzle the cream cheese glaze over the top. Serve warm.