Line a 34x24 cm baking pan with parchment paper and preheat your oven to 180°C.
Whisk 4 egg yolks with 50g milk, 40g oil, 1 tsp vanilla extract, and 1 tsp red gel food coloring. Sift in 75g cake flour and 5g cocoa powder in two batches and mix until smooth.
Beat 4 egg whites with an electric mixer until foamy, then add 60g sugar in three batches and whisk until stiff peaks form.
Gently fold a third of the egg whites into the egg yolks, then fold the rest into the cake batter until just combined.
Pour the batter into the prepared pan and smooth the top. Bake for 13-15 minutes until the cake lightly bounces back when touched, then let it cool.
Whip 100g heavy cream to stiff peaks, then beat 200g cream cheese and 50g softened butter until fluffy. Add 60g powdered sugar, fold in the whipped cream, and chill the frosting for 1-2 hours.
Layer the cake and frosting: spread frosting on each layer, then pipe frosting on top. Apply a crumb coat on the sides and chill the cake for 2 hours.
After chilling, trim any uneven edges and slice the cake into 5 pieces. Top with shaved white chocolate if desired, and enjoy!