Preheat oven to 350 degrees. Line 48 mini muffin cups with cupcake liners.
Sift together the flour, sugar and other dry ingredients.
In a separate bowl, combine the oil, buttermilk, champagne, food coloring, eggs, vinegar and extract. Whisk.
Slowly add the dry ingredients, and use a mixer on medium until thoroughly combined and smooth.
Transfer batter to muffin cups, being careful not to overfill.
Bake at 350 degrees for 10-15 minutes, until cupcakes are springy when touched and a toothpick comes out clean.
Remove from the oven. Cool for 5 minutes in the pan, then remove to a rack to cool completely.
For the Frosting
In a mixer, cream together the cream cheese, butter, vanilla, champagne and vanilla extract.
Slowly add the powdered sugar, beating on low, until combined. Increase the speed to high and beat until light and fluffy, but be careful not to overmix.
You may add more champagne, as desired, but be careful not to add too much to make your frosting watery.
Once cupcakes have completely cooled, pipe them with frosting and garnish with edible gold stars or gold sugar.
Notes
If making full-size cupcakes, adjust the baking time to 20 to 25 minutes, until cooked through.
if you don't have buttermilk, make your own substitute. by adding 1 teaspoon of freshly squeezed lemon juice or 1 teaspoon of white vinegar to a measuring cup, then topping with enough whole milk to make one cup. Let set for 5 minutes before adding it to the recipe.
If you don't have powdered sugar, pulse together 4 cups white, granulated sugar and 4 Tablespoons cornstarch in a food processor or high-powered blender until it reaches a powdery consistency. Measure again before using in the cream cheese frosting recipe.