Preheat oven to 350°F Line 24 baking cups with paper liners.
In a large mixing bowl, combine all cake ingredients. Mix on low for 30 seconds. Scrape down sides of the bowl and beat on medium speed for 2 minutes.
Fill cups 2/3 full with cupcake batter. Bake for about 15 minutes or until stops spring back lightly when touched. Remove from oven and allow to cool completely on a rack.
Beat butter in a large bowl until smooth. Add milk and beat on medium-low until completely mixed. Add powdered sugar and Kool-Aid powder, beating on low until just combined. Scrape down the sides of the bowl and beat on medium-high until light and fluffy. If frosting is too thick, add more milk or corn syrup until desired consistency is reached.
When cupcakes are completely cooled, pipe frosting onto cupcakes.