Preheat oven to 350°F. Line a 10x15-inch jelly roll pan with parchment paper and spray with nonstick spray.
In a bowl, whisk together flour, cocoa powder, baking powder, and salt.
In a separate bowl, beat eggs and granulated sugar until thick and pale. Mix in oil, vanilla, and food coloring.
Fold dry ingredients into wet ingredients just until combined. Spread batter evenly into prepared pan.
Bake for 10-12 minutes or until cake springs back when touched. Do not overbake.
While cake bakes, lay a clean kitchen towel flat and generously dust it with powdered sugar.
Immediately turn hot cake out onto the towel. Carefully peel off parchment paper. Roll cake up in the towel from short end. Let cool completely.
To make the filling, beat cream cheese, powdered sugar, and vanilla until smooth. In a separate bowl, beat heavy cream until stiff peaks form. Fold into cream cheese mixture.
Unroll cooled cake, spread filling evenly, then re-roll. Wrap in plastic wrap and chill for at least 1 hour.
Dust with powdered sugar before serving. Slice and enjoy!