Make the red velvet cupcakes:

1. Preheat the oven to 350°F. Line a 12-tin muffin pan with cupcake liners.
2. In a medium mixing bowl, add flour, cocoa powder, baking powder, baking soda, and salt. Whisk to combine and set aside.
3. In a separate large mixing bowl, add the softened butter and sugar, then beat together with an electric hand mixer (or use a stand mixer) for 4-5 minutes on high, until light and fluffy.
4. Add in eggs and beat until well-combined. Next, add in oil, sour cream, vanilla, red food colouring, and vinegar, then beat again until combined and smooth.
5. Add the whisked dry ingredients into the bowl, then beat on low speed until just combined and smooth.
6. Divide the batter into the 12 cupcake liners. You can use a cookie scoop to easily add the batter to the liners.
7. Bake for 20 minutes, or until an inserted toothpick comes out clean. Allow the cupcakes to cool in the pan for 5 minutes, then transfer to a wire cooling rack to cool completely before frosting.

Make the cream cheese frosting:

1. In a stand mixer fitted with the whip attachment, beat together the butter and cream cheese at medium-high speed for about 2 minutes, or until fluffy. (You can also beat in a mixing bowl with a hand mixer)
2. Scrape the sides of the bowl, then gradually add in confectioners’ sugar in small additions, beating on low between each addition and scraping at the sides.
3. Add vanilla and salt. Turn stand mixer to high speed and beat for 2-3 minutes.
4. Transfer the frosting into a large piping bag fitted with a Wilton 1M tip. Carefully pipe the frosting in a classic swirl pattern onto each cupcake. Start in the center and move in a circular pattern closer to the edges, then move up and back towards the center. 
5. Top each cupcake with with sprinkles and serve.