Start by making the cream cheese glaze. Beat the butter and cream cheese together until soft and smooth. Add the powdered sugar then beat until; the mix is light and fluffy. Be sure to scrape down the sides of the mixing bowl as you beat, making it lump free.
4 tablespoons butter, softened, ½ cup cream cheese, softened, 1 cup powdered sugar
Mix in the milk and vanilla. Set the cream cheese glaze aside.
½ cup whole milk, ½ teaspoon vanilla extract
Preheat your waffle iron.
In a medium sized bowl, whisk together the Bisquick, brown sugar and cocoa powder.
2 cups Bisquick mix, 2 tablespoons brown sugar, 3 tablespoons unsweetened cocoa powder
Add the buttermilk, whole milk, food coloring, egg, melted butter and vanilla and whisk the waffle batter until smooth.
1 cup buttermilk, ½ cup whole milk, 30 drops red gel food coloring, 2 tablespoons melted butter, 1 teaspoon vanilla extract, 1 egg
Pour about ¾ cup of the red velvet batter into your hot waffle iron. Close the waffle iron and cook the waffle for about 4-5 minutes. Every waffle iron will be a little different in size and cooking time. Check your waffle iron guide to see if there are exact quantities of batter to use and time to cook. However, when the waffles are done, they will easily pull away from the waffle iron without sticking. They will be soft on the inside, slightly crispy on the outside and a little bit brown on the surface.
Drizzle some of the cream cheese glaze over the warm red velvet waffle and enjoy while hot.
Cook the remaining batter and serve the waffles as they come out of the waffle iron.