Preheat the oven to 325°F (163°C) and line a cupcake pan with decorative liners.

Reduce 1 ½ cups of pink champagne in a saucepan over medium heat for 6-8 minutes until thickened to ¾ cup. Let cool, reserving 1-2 tablespoons for frosting.

In a bowl, whisk together flour, baking powder, and salt.

Cream butter and vanilla in a separate bowl, add sugar, oil, and eggs, mixing until smooth.

Combine wet and dry ingredients, alternating with the champagne reduction until smooth.

Fill liners ¾ full and bake for 18-20 minutes. Let cool.

To make frosting, blend reserved champagne reduction with butter, adding confectioners sugar and milk to achieve desired consistency.

Frost cooled cupcakes with buttercream and decorate as desired.