Preheat oven to 325 degrees F (165 degrees C).
Separate the eggs.
Sift the cake flour, sugar, baking powder and salt into a large bowl. Make a well in the center and add the oil, egg yolks, water, peppermint extract and vanilla extract. Beat with mixer on low for 1 minute.
Beat egg whites with cream of tarter until stiff peaks form. Gently fold the whites into the yolk mixture. Pour 1/3 of the batter into a separate bowl and tint with the food coloring.
Alternate large spoonfuls of red and plain batter into an ungreased tube or bundt pan. Run a knife or spatula through the batter to make a swirled effect.
Bake at 325 degrees F (165 degrees C) for 55 minutes. Increase heat to 350 degrees F (175 degrees C) and bake for an additional 15 minutes or until done. Let cake cool in pan on rack. Once cool remove from pan and frost, if desired.
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