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1
Preheat oven to 350 degrees F (175 degrees C). Line 24 muffin cups with paper liners.
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2
Beat white sugar and 1 cup butter together in a bowl using an electric mixer until smooth and creamy; add eggs, 1 at a time, beating well after each addition. Mix peppermint extract, almond extract, and food coloring into creamed butter mixture.
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3
Whisk flour, baking powder, and salt together in a separate bowl. Mix flour mixture, alternating with 3/4 cup milk, into creamed butter mixture, ending with flour mixture, until batter is just combined. Spoon batter into the prepared muffin cups.
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4
Bake in the preheated oven until a toothpick inserted in the middle comes out clean, 15 to 20 minutes.
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5
Melt white chocolate chips in a microwave-safe glass or ceramic bowl in 15-second intervals, stirring after each melting, 1 to 3 minutes. Allow melted white chocolate to cool to room temperature.
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6
Mix marshmallow fluff and 1/2 cup butter together in a bowl until smooth. Stir melted white chocolate into marshmallow mixture. Add confectioners sugar, 1 to 2 tablespoons at a time, to marshmallow mixture until fully incorporated; add enough milk to reach desired consistency. Transfer frosting to a piping bag or resealable plastic bag with a corner snipped and pipe frosting onto each cupcake.
