01 - Preheat the oven to 350°F. Line a 12-cup muffin tin with cupcake liners.
02 - In a medium bowl, whisk together the flour, baking powder, baking soda, and salt until well combined.
03 - In a large bowl, beat the softened butter and granulated sugar with an electric mixer until light and fluffy, approximately 2–3 minutes.
04 - Beat in the eggs one at a time, mixing thoroughly after each addition. Mix in the vanilla extract and peppermint extract.
05 - Add the dry ingredients to the butter mixture in three parts, alternating with the milk, beginning and ending with the dry ingredients. Mix until just combined, being careful not to overmix.
06 - Stir in the green food coloring until the batter reaches your desired shade of green.
07 - Divide the batter evenly among the cupcake liners, filling each about 2/3 full.
08 - Bake for 16–18 minutes, or until a toothpick inserted into the center comes out clean. Remove from oven and let cool completely on a wire rack.
09 - Beat the cold heavy whipping cream with powdered sugar, peppermint extract, and food coloring until stiff peaks form. The frosting should hold its shape when lifted.
10 - Pipe or spread the frosting onto the completely cooled cupcakes. Top with green sprinkles and a maraschino cherry if desired.