Mix cake mix as directed on the box. Prepare cupcakes as directed. Let cool completely.
Mix pudding mix and milk in a bowl. Beat until thick. Fold in Cool Whip. To fill the cupcakes, carve out a cone-shaped hole and squirt the pistachio whipped cream inside.
Beat together butter and powdered sugar. Add desired amount of cherry juice for color and flavor. Add milk until frosting is desired consistency. Frost cupcakes and garnish with maraschino cherries. Refrigerate.