Preheat oven to 350 degrees F. Line 18 muffin cavities with paper liners. Set aside.
In a large bowl, beat together the cake mix, buttermilk, oil, eggs, pudding mix and maraschino cherry juice with an electric mixer for 2 minutes, or until combined. Portion evenly among muffin cups, filling about 3/4 full.
Bake for approx. 15-18 minutes or until a toothpick inserted near the center comes out clean or with moist crumbs. Cool completely.
For the frosting, beat together the butter, vanilla, and almond extract until creamy. Alternate adding one cup of the powdered sugar and a little of the heavy cream until frosting is light and fluffy.
Pipe or spread frosting onto cooled cupcakes (if piping, you may want to double the frosting batch). Top with a maraschino cherry. Serve!