Red velvet cake help?

Okay, so I'm making red velvet cake for Christmas, and this is the recipe I have:

Prep time: 30 minutes.

Cook time: 30 minutes.

Ingredients

* 2 1/2 cups self-rising flour

* 1 1/2 cups white sugar

* 1 cup vegetable oil

* 1 teaspoon baking soda

* 1 teaspoon distilled white vinegar

* 1 teaspoon vanilla extract

* 2 eggs

* 1 cup buttermilk

* 2 ounces red food coloring

* 1 (8 ounce) package cream cheese, softened

* 1/2 cup butter, softened

* 4 cups confectioners' sugar

* 1 teaspoon vanilla extract

Directions

1. Preheat oven to 350 degrees F (175 degrees C). Grease and flour three 8 inch round pans.

2. In a large bowl, mix together sugar, oil, and eggs. Add food coloring and vinegar to buttermilk. Add baking soda to flour. Add flour mixture and buttermilk mixtures alternately to the sugar mixture. Mix well. Stir 1 teaspoon vanilla into batter. Pour batter into prepared pans.

3. Bake for 20 to 25 minutes, or until done. Remove from oven, and cool on wire racks.

4. Mix together cream cheese, butter or margarine, confectioners' sugar, 1 teaspoon vanilla. Frost cooled cake.

Serves 12.

I noticed it doesn't contain cocoa powder, and I wanted to know if you'd had it without cocoa, and which is better.

Also, which should I make? With or without cocoa?