Divide the batter between the cupcake tin wells, filling each one with about ¼-cup of batter.
Bake for 16-18 minutes, or until a toothpick inserted into the center comes out clean.
Remove the cupcakes to a wire rack and cool completely before frosting.
For the Cream Cheese Frosting
Add the butter and cream cheese to the bowl of a stand mixer fitted with the paddle attachment. Beat on medium speed until smooth and combined, about 1-2 minutes.
With the mixer on low speed, slowly add the powdered sugar and vanilla until well incorporated.
2½ cups powdered sugar, 1 teaspoon pure vanilla extract
Scrape down the sides of the bowl, then turn the mixer to medium high speed. Beat for 1 minute, or until the frosting is light and fluffy.
Transfer the frosting to a piping bag fitted with your choice of tip.
Pipe the frosting on the cooled cupcakes and garnish with festive sprinkles, if desired. If using sprinkles, make sure to add them while the frosting is still wet.
Notes
Note: The amount of red food coloring needed will depend on the strength and type of food dye. I recommend Wilton Gel Intense Red Food Dye and I use 3 teaspoons.
I like to use whole milk in these cupcakes, but you can use whatever you have on hand. For a tangier cupcake, use buttermilk!
You can use any neutral oil, such as canola or coconut, in place of the vegetable oil, or use melted butter!
Use as much or as little food coloring as you like.
For a lighter cupcake, try using cake flour instead of all-purpose flour.
I like to use Dutch-process cocoa powder in these cupcakes, but you can use whatever you have on hand!
Use room temperature eggs and dairy.
Be sure to spoon and level your flour for the best results.
Do NOT overmix the batter; otherwise, you will end up with dense, tough cupcakes.
Let the cupcakes cool completely before frosting; otherwise, the frosting will melt off!
If you don't have a piping tip set, you can place the frosting in a Ziplock bag and cut one corner off to pipe.
Storage: Store red velvet cupcakes in an airtight container in the refrigerator for up to 3 days.