Heat oven to 350ºF. Line mini-- muffin pans with paper liners. (Don't worry if you only have one pan. After baking a batch, remove baked cupcakes to rack. Then place the pan in your freezer to cool quickly before lining and baking the next batch.)
Beat butter, sugar, baking powder and salt in a large bowl with electric mixer on high speed 1 minute. Add eggs, one at a time, beating after each. Stir extract into milk. Beat in flour in three parts, alternating with milk, just until blended. Spoon 1 Tbsp into each muffin cup.
Bake 15 minutes or until wooden pick inserted in center comes out clean. Let cool in pan on wire rack 5 minutes before removing from pan to rack. Cool completely.
Beat all ingredients in medium bowl with electric mixer on medium speed until blended. Then increase speed to high; beat until light and fluffy. Tint pink if desired. Frost cupcakes.