Preheat the oven to 350 degrees F. Arrange an oven rack in the middle of the oven. Put 12 flat bottomed ice cream cones into cupcake tins.
Whisk the flour, cocoa powder, baking soda, baking powder and salt into a medium bowl and set aside.
In a large mixing bowl, using a hand held electric beater, cream the butter and sugar together until light and fluffy. Add eggs and vegetable oil and beat well, then add the buttermilk, white vinegar, vanilla extract and food coloring. Beat until just combined, then add dry ingredients and mix until smooth.
Divide the batter among the ice cream cones, filling half way. Bake in the center rack of the oven until a tester inserted into the center of the cupcake comes out clean, about 30 minutes. Remove from the oven and cool completely on a wire rack before frosting.
In a medium bowl beat cream cheese and butter together until smooth and creamy. Stir in the vanilla extract. Add the confectioners' sugar, 1/2 cup at a time, until desired consistency is reached.
Frost the tops of the cupcakes and sprinkle with sugared red hearts.
If you want to add to the theme more, using an ice cream server, scoop the frosting and put it on top of the cones to mimic a scoop of ice cream.