01 - Preheat your waffle iron according to the manufacturer's instructions to the desired setting.
02 - In a large mixing bowl, thoroughly whisk together the all-purpose flour, unsweetened cocoa powder, granulated sugar, baking powder, baking soda, and salt.
03 - In a separate bowl, whisk together the large eggs, buttermilk, melted unsalted butter, vanilla extract, and red food coloring until the mixture is well combined and uniformly colored.
04 - Pour the prepared wet ingredients into the dry ingredient mixture. Mix gently until just combined, being careful not to overmix. If using, carefully fold in the mini chocolate chips.
05 - Lightly grease the preheated waffle iron. Pour approximately 1/2 to 3/4 cup of batter per waffle, adjusting for your iron's size. Cook until the waffles are crisp, golden brown, and cooked through, which typically takes about 4 to 5 minutes. Repeat this process with the remaining batter until all waffles are cooked.
06 - For the accompanying syrup, in a medium bowl, beat the softened cream cheese and softened unsalted butter with an electric mixer or hand mixer until the mixture is smooth and creamy. Gradually add the powdered sugar, milk, vanilla extract, and a pinch of salt, whisking until a pourable syrup consistency is achieved. Add additional milk, a tablespoon at a time, if a thinner consistency is desired.
07 - Serve the freshly cooked red velvet waffles warm, generously drizzled with the prepared cream cheese syrup.