01 - Preheat oven to 350°F. Line a 12-cup muffin tin with cupcake liners.
02 - In a medium bowl, whisk together flour, baking powder, and salt. Set aside.
03 - In a large bowl, cream butter and sugar until light and fluffy, about 2-3 minutes.
04 - Beat in eggs one at a time, mixing well after each addition. Stir in vanilla and peppermint extracts.
05 - Add half of the flour mixture and mix just until combined. Pour in the milk and mix. Add remaining flour mixture and mix until just combined.
06 - If desired, add green food coloring until you reach your preferred shade.
07 - Divide batter evenly among cupcake liners, filling each about 2/3 full. Bake for 16-18 minutes, or until a toothpick inserted in center comes out clean.
08 - Cool in pan for 5 minutes, then transfer to a wire rack to cool completely before frosting.
09 - In a large bowl, beat butter until creamy. Gradually add powdered sugar, milk, peppermint extract, vanilla extract, and salt. Beat until light and fluffy. Add green food coloring if desired.
10 - Once cupcakes are completely cool, frost generously. Decorate with whipped cream, sprinkles, and a maraschino cherry if desired.