Slice cream cheese lengthwise into long thin pieces, wrap in plastic wrap, and freeze one hour or overnight.
Preheat a large pan or nonstick skillet to medium heat and spray with cooking spray. In a large bowl combine flour, baking powder, salt, sugar, cocoa powder and whisk together until well combined.
In another bowl combine beaten egg, buttermilk, vanilla, red food coloring and mix until well blended. Make a well in the middle of the dry ingredients. Pour wet ingredients into the dry ingredients. Mix until all ingredients are incorporated.
Remove cream cheese from freezer, unwrap and cut into 1/2 inch pieces. Stir cream cheese pieces into pancake batter.
Pour 1/4 cup batter onto prepared pan or skillet. Cook 3-4 minutes until top begins to bubble and sides start to look "dry". Carefully flip and cook about 2 minutes longer. Repeat with remaining batter.
Whisk all icing ingredients together in a medium sauce pan and heat over low heat. Drizzle over pancakes. Enjoy!