In a medium bowl, beat cream cheese, butter, and 3 tbsp. milk with electric mixer on low-speed until smooth. Gradually beat in 2 cups powdered sugar, 1 cup at a time, on low-speed until topping is smooth. Cover; set aside.
In a large bowl stir Bisquick, cocoa, milk, food color and eggs with a wire whisk until well blended. Heat griddle or skillet over medium-high heat (375°F). Brush with vegetable oil or spray with cooking spray before heating.
For each pancake, pour slightly less than ¼ cup batter onto hot griddle. Cook 2 to 3 minutes or until bubbles form on top and edges are dry. Turn; cook other side until golden brown.
Spoon cream cheese topping into a resealable food-storage plastic bag; seal bag. Cut off a tiny corner of the bag; squeeze bag to drizzle topping over pancakes. Sprinkle with powdered sugar.
Recipe by Not Just Sunday Dinner at https://notjustsundaydinner.com/red-velvet-pancakes/