Whisk flour, baking powder, baking soda, salt, sugar and cocoa powder in a large bowl.
In another large bowl, beat egg with buttermilk, sour cream, food coloring and vanilla extract until smooth.
Slowly whisk in the flour mixture, adding melted butter in gradually as well, until all lumps are out.
Heat a large nonstick pan over medium heat, then drop in batter 1/4 cup at a time to form pancakes.
Flip when bottoms are set and bubbles are forming on top and cook until firm and fluffy all the way through.
Serve warm with cream cheese or syrup.