1. Preheat your oven to 400*F and lightly spray two 6 ring donut pans with nonstick spray (or use one 12 ring donut pan.)
2. Sift all of the dry ingredients into a large bowl and whisk to combine.
3. In a medium bowl whisk the eggs to break up the whites & then whisk in the cream, oil, buttermilk, vanilla and red color. Stir the wet into the dry, mixing just until combined.
4. Divide the batter between the 12 greased donut cups (each cavity gets 60 grams batter.) Use a spoon to divide the batter or pipe the batter out of a pastry bag or gallon sized resealable bag with the tip cut off. Tap pan on counter 3-4 times.
5. Bake at 400*F for 10-11 minutes, or until a toothpick inserted in donuts comes out with moist crumbs. Cool donuts in the pan for 5 minutes then turn onto a rack to cool another 5 minutes.
6. Lay a sheet of plastic wrap over the warm donuts and allow to cool completely before glazing (this keeps them soft!)
7. Make the cream cheese glaze. Combine in your mixer bowl the soft cream cheese and butter, mixing on medium/high speed until smooth. Scrape the bowl then add the remaining ingredients and blend on low until smooth, scraping bowl as needed.
8. Transfer to a microwave safe bowl and warm the glaze for 4-5 seconds to thin it slightly until it is the consistency of honey.
9. Dip the tops of the donuts into the glaze, allowing the excess to drip off before placing the donuts right side up to set. Alternately, spoon and spread some glaze on top of each donut. Any additional glaze can be re-warmed and placed in a sandwich bag with the tip snipped off, then drizzled over the glazed donuts for more pizazz.
10. Create a red velvet crumb garnish by taking one donut and crumbling it in the food processor to make crumbs for garnishing the edges. Refrigerate any leftover in a tightly covered container.