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Heat oven to 350 degrees F. Line regular-size muffin cups with paper baking cups; set aside.
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Finely chop cherries and place in paper-towel-lined bowl to drain while preparing batter.
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In a medium bowl, stir together flour, baking powder and salt, set aside. In large bowl, beat butter and sugar with electric mixer on medium speed until well blended.
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In a small bowl, stir together ½ cup cherry liquid, the milk and 2 teaspoons almond extract.
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Beginning and ending with flour mixture, alternately add flour mixture and cherry mixture to butter mixture, beating well after each addition. If desired, stir in a few drops of food coloring until desired pink color is achieved. Fold in stiffly beaten egg whites. Fold in chopped cherries. Spoon batter into muffin cups, filling each about ¾ full.
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Bake 20 to 25 minutes or until cupcakes spring back when lightly touched in center. Remove from muffin cups to cooling rack. Cool completely, about 30 minutes.
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To make frosting, combine butter, sugar and salt in a bowl. Beat until blended.
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Add the milk, vanilla and cherry liquid and beat for an additional 3 to 5 minutes or until smooth and creamy.
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Pipe frosting onto cupcakes and garnish each with 1 cherry with stem.