Preheat oven as instructed by boxed mix.

Combine all ingredients for the cake and whip for 2-3 minutes, until lighter in color.

Spoon into a cupcake tin lined with cupcake papers until each paper is about 2/3 full.

Bake in preheated oven according to package instructions.

To make the frosting, whip butter until lighter in color. Add one teaspoon of the peppermint extract and whip to combine. Add the powdered sugar 1/2 cup at a time until frosting has reached desired consistency. Taste and continue adding peppermint extract 1/2 tsp at a time until it has reached desired flavor.

When cupcakes bounce back when poked they are finished baking. Let cool completely before frosting. Top with red sprinkles.