Preheat the oven to 325 degrees. Line two cupcake baking pans with paper liners and set aside.

Measure out 1 ½ cups of champagne, place in a saucepan, and simmer for about 6-8 minutes until reduced to ¾ cup. Let cool to room temperature.

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

In a separate bowl, beat salted butter and vanilla together until smooth and creamy using an electric mixer.

Add granulated sugar, vegetable oil, and eggs, and mix until combined.

Gradually alternate adding the flour mixture and the concentrated liquid champagne to the batter while mixing at medium speed. Stir until combined.

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

For the frosting, beat unsalted butter, confectioners sugar, vanilla, 2 tablespoons of the champagne reduction, and a few drops of pink food coloring in a large bowl until smooth.

Add milk, one tablespoon at a time, to reach the desired consistency.

Place frosting into a piping bag fitted with a large star tip. Pipe onto cupcakes and sprinkle with pink sprinkles.