Cupcakes:

• Preheat oven to 350ºF
• Line 12 muffin cups with paper liners.
• In a large bowl, whisk together the milk, vegetable oil, eggs, vanilla, and red food coloring.
• Add sugar, whisk to combine.
• Add flour, cocoa powder, and baking powder. Whisk just until no large lumps remain.
• Divide batter between the muffin tins, filling each one with approx ¼ cup of batter.
• Bake for 16-18 minutes or until a toothpick inserted into the center comes out clean.
• Remove the cupcakes to a wire rack and cool completely before frosting.
  
  Frosting:
  Add softened butter and cream cheese to bowl of a stand mixer fitted with the paddle attachment. Beat on medium speed until smooth.
• With the mixer on low speed, slowly add the powdered sugar and vanilla.
  Scrape down the sides of the bowl and then turn the mixer to medium high speed. Beat for 1 minute, or until the frosting is light and fluffy.
• Transfer the frosting to a piping bag fitted with your choice of tip.
• Pipe the frosting on the cooled cupcakes and garnish with festive sprinkles. If using sprinkles, make sure to add them while the frosting is still wet.
• Enjoy immediately or store any leftover cupcakes in an airtight container in the fridge for up to two days.