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 on medium-high speed until light and fluffy, about 2-3 minutes.
04 - Beat in the eggs one at a time, mixing well after each addition. Stir in the vanilla extract and peppermint extract until incorporated.
05 - Add the dry ingredients to the butter mixture in three parts, alternating with the milk in two parts. Begin and end with the dry ingredients. Mix on low speed until just combined, being careful not to overmix.
06 - Fold in the green food coloring, adding more drops as needed to reach your desired shade of green. Mix until the color is evenly distributed throughout the batter.
07 - Divide the batter evenly among the prepared cupcake liners, filling each about 2/3 full. Use an ice cream scoop for consistent portioning.
08 - Bake for 16-18 minutes, or until a toothpick inserted into the center of a cupcake comes out clean. Rotate the pan halfway through baking for even results.
09 - Let the cupcakes cool in the pan for 5 minutes, then transfer to a wire rack to cool completely before frosting.
10 - In a chilled bowl, beat the cold heavy whipping cream with an electric mixer on medium-high speed until soft peaks form. Add the powdered sugar, peppermint extract, and food coloring if using. Continue beating until stiff peaks form and the frosting holds its shape.
11 - Pipe or spread the whipped frosting onto the completely cooled cupcakes. Top immediately with green sprinkles and a maraschino cherry, if desired. Serve promptly or refrigerate until serving.