In a large bowl, cream the butter, sugar and food coloring until light and fluffy. Add eggs, one at a time, beating well after each addition. Beat in vanilla. Combine the flour, baking powder, baking soda and salt; add to creamed mixture alternately with buttermilk, beating well after each addition.
Fill paper-lined muffin cups two-thirds full. Bake at 350 F for 23-27 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes; remove from pans to wire racks to cool completely.
Meanwhile, in a heavy saucepan, melt chips and butter with cream over low heat; stir until smooth. Transfer to a large bowl. Chill for 30 minutes, stirring once.
Beat on high for 2-3 minutes or until soft peaks form and frosting is light and fluffy. Cut a small hole in the corner of a pastry or plastic bag; insert #30 star tip. Fill bag with frosting; frost cupcakes. Sprinkle with coarse sugar and edible glitter. Store in the refrigerator.
Yellow Cupcakes : Omit pink food coloring from batter. Decorate with coarse sugar (color of your choice).