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 butter and granulated sugar with an electric mixer until light and fluffy, about 2–3 minutes.
04 - Beat in the eggs one at a time, mixing well after each addition. Mix in the vanilla and peppermint extracts.
05 - Add the dry ingredients in three parts, alternating with the milk. Begin and end with the dry ingredients, mixing until just combined.
06 - Stir in the green food coloring until the batter reaches your desired shade.
07 - Divide the batter evenly among cupcake liners, filling each about 2/3 full. Bake for 16–18 minutes, or until a toothpick inserted into the center comes out clean.
08 - Let cupcakes cool in the pan for 5 minutes, then transfer to a wire rack to cool completely before frosting.
09 - Beat the cold heavy cream with powdered sugar, peppermint extract, and food coloring (if using) until stiff peaks form.
10 - Pipe or spread the frosting onto cooled cupcakes. Top with green sprinkles and a maraschino cherry if desired.