In a large bowl whisk together buttermilk, confectioner's sugar and vanilla.
In a medium saucepan, combine, sugar, cocoa, corn syrup, salt and 1 stick worth of butter. Stir occasionally to fully incorporate butter as it's melting then bring mixture to a boil over medium high heat. Cook until the mixture is 240°F on a candy or instant read thermometer (a bit dropped into cold water will make a soft, malleable ball), then take off the heat.
Whisking constantly, pour the hot mixture into the buttermilk mixture. Add the remaining butter and continue whisking until the mixture is smooth and has cooled slightly.
Take the cake out of the freezer and pour the slightly warm frosting over the cake; cover buttercream rolls completely. The frosting will be thin, but will firm up when cool. Tilt the cake pan to get frosting everywhere. Return cake to freezer for at least 30 minutes more to set.
Serve chilled; a small paring knife works best to cut the cake. Store leftovers in refrigerator or freezer.