In a large bowl combine flour, baking powder, salt, sugar and cocoa powder.
To the bowl add beaten eggs, buttermilk, cooled melted butter, vanilla extract and red food coloring. Mix until combined, but do not overmix. The batter may have some lumps, but that's okay.
Let the batter sit for 5-10 minutes, which gives the baking powder time to activate and puff up the batter. Once the batter is puffed up, do not stir it, you want to keep those air bubbles that have developed.
During this time, make the cream cheese syrup. In a medium bowl, combine all of the cream cheese syrup ingredients and whisk until well combined and smooth. Set aside.
Preheat griddle or skillet to medium heat and grease with butter or oil.
Once heated, scoop approximately 1/4 cup of batter onto the griddle/skillet. Cook until pancakes have bubbles on the top and sides start to look cooked, then flip and cook an additional 30-60 seconds. Repeat with the remaining pancake batter.
Serve hot. Top with cream cheese syrup, maple syrup or chocolate syrup. You can also serve red velvet pancakes with butter and a dusting of powdered sugar.