Preheat your oven to 350°F (175°C).
In a large mixing bowl, cream together the softened butter and sugar until light and fluffy.
Add the eggs one at a time, beating well after each addition, then mix in the vanilla extract.
In a separate bowl, whisk together the flour, baking powder, and salt.
Gradually add the dry mixture to the wet mixture, alternating with the milk, starting and ending with flour.
Divide the batter evenly among cupcake liners, filling each about two-thirds full.
Bake for 18-20 minutes, or until a toothpick inserted in the center comes out clean.
Allow cupcakes to cool in the pan for 5 minutes before transferring to a wire rack to cool completely.
While the cupcakes cool, whip the heavy cream until stiff peaks form.
Frost the cooled cupcakes generously with the whipped cream.
Drizzle with chocolate sauce and top with a maraschino cherry and sprinkles.