Preheat oven to 350 degrees F (175 degrees C). Grease and flour 3 – 8 inch pans. Sift together the flour and baking soda; set aside.
In a large bowl, cream together the oil, applesauce and sugar. Beat in the eggs one at a time. Beat in the flour mixture alternately with the buttermilk, mixing just until incorporated. Stir in the vanilla, vinegar and red food coloring. Divide batter evenly into prepared pans.
Bake in the preheated oven for 35 to 40 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool, then frost with Low-Fat Cream Cheese Frosting and sprinkle with toasted chopped pecans.
To make Low-Fat Cream Cheese Frosting: In a medium bowl, beat cream cheese until smooth. Beat in whipped topping and confectioners’ sugar.