Recipe Test Run - Red Velvet Cake

Thanks to Karen for introducing me Red Velvet cakes~~

I tried this recipe out before making it for Rachel's Babyshower..Boy! am I glad that I did!!

Ingredients
Vegetable oil for the pans
1 1/4 cups all-purpose flour
3/4 cups sugar
1/2 teaspoon baking soda
1/2 teaspoon fine salt
1/2 teaspoon cocoa powder
1 1/4 cups vegetable oil
1/2 cup buttermilk, at room temperature
1 large eggs, at room temperature
1 tablespoons red food coloring (1 ounce)
1/2 teaspoon white distilled vinegar
1/2 teaspoon vanilla extract

The cake was o.k. a little on the dry side (perhaps because I had to cut down the recipe or my cake tin was too big??)

The cream cheese frosting? OMG...WAYYYYYY too sweet.

What can I do with frostings that are too sweet??