Preheat oven to 350 degrees. Line a cupcake pan with cupcake liners.
In a large mixing bowl, add in the butter and sugar. Mix on high until light and fluffy. This will take about 3 minutes.
Add in the vanilla and eggs. Make sure to add the eggs one at a time and mix until combined. Scrape down the bowl.
In a measuring cup, add the milk and cherry juice. Set aside.
Sift the baking powder and flour in a separate bowl.
Alternate adding flour and milk until combined. Start and end with flour. I normally add the flour in thirds and the milk in halves.
Once completely incorporated, pour into cupcake liners. Fill the cups ¾ of the way.
Place in the oven and bake for about 17 minutes or until done. Insert a toothpick in the center of the cupcakes and if it comes out with moist crumbs or clean, the cupcakes are done.
Let the cupcakes cool and make the frosting.
Frosting
In a medium microwave-safe bowl, add in white chocolate chips and heavy cream. Microwave for 30 seconds and stir. Repeat 2 additional times or until the mixture is completely smooth. It will take a minute or two of stirring for the heavy cream and white chocolate chips to incorporate.
Cover with plastic wrap and place in the fridge to cool until firm. It should take about 1 hour.
Meanwhile, work on putting the cake together.
Once the ganache has firmed up, remove it from the fridge. If it's rock solid, it needs to sit out to take the chill off and loosen up or you'll burn out your hand mixer trying to mix it. You want it to hold it's shape, but not be super hard.
Mix the ganache with a hand mixer on medium until light and fluffy.
Add in the butter and continue to mix until incorporated.
Add in the powdered sugar and milk and mix on low until the powdered sugar is almost incorporated. Turn the hand mixer on high and mix for an additional 2 - 3 minutes until the frosting is whipped.
Place the frosting in a piping bag with a 1M tip. Swirl the frosting on top of each cupcake. Add a few red sprinkles and top with a stemmed cherry.
Notes
With the buttercream frosting, if you've already iced the cupcakes, you'll want to store them in an air tight container in the refrigerator so the frosting stays firm and doesn't soften.