Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a bowl, sift together the flour, baking powder, and salt. Set aside.

In a large bowl, cream the butter and sugar until light and fluffy using a mixer.

Add eggs one at a time, beating well after each addition. Stir in the vanilla extract.

Alternately add the flour mixture and buttermilk to the butter mixture, beginning and ending with the flour mixture. Mix until just combined.

Divide the batter evenly into two bowls. Tint one bowl with red food coloring and the other with green food coloring, mixing until the desired color is achieved.

Pour the red batter into one prepared cake pan and the green batter into the other. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean. Allow cakes to cool in the pans for 10 minutes, then turn out onto wire racks to cool completely.

Place the green layer on a cake stand. Spread a layer of cream cheese frosting on top. Place the red layer on top and spread a thin layer of frosting over the entire cake to create a crumb coat. Refrigerate for 30 minutes.

Apply a thicker layer of frosting around the cake. Decorate the top with chopped pecans and red and green sprinkles.