Preheat the oven to 350 ̊. Line a 12-cup muffin pan with paper or foil liners. Whisk together the flour, baking powder and salt in a medium bowl.
In a large bowl, beat the butter and granulated sugar with a mixer on medium-high speed until light and fluffy, about 4 minutes. Beat in the eggs, one at a time. Beat in the vanilla, then tint pink with food coloring, beating until the batter is evenly pink. Add the buttermilk and flour mixture and beat until just combined.
Divide the batter among the muffin cups, filling them two-thirds of the way (about ¼ cup batter per cupcake). Bake until a toothpick inserted into the center of the cupcakes comes out clean, 22 to 24 minutes. Let cool in the pan on a rack for about 5 minutes, then remove the cupcakes to the rack to cool completely.
Beat the butter, cream cheese, powdered sugar and salt in a large bowl with a mixer on medium-high speed until light and fluffy, about 4 minutes. Scrape the mixture into a piping bag or resealable plastic bag fitted with a star tip. Pipe the frosting on the cupcakes and decorate with sprinkles.