Preheat oven to 350.
Line muffin pan with paper liners.
Make batter according to box direction EXCEPT substitute 1 cup Coke and 1/3 cup cherry liquid for water.
Fill liners 2/3 full and add 1 cherry to the middle of each.
Bake according to box directions and allow to cool completely.
Whip butter, coke and cherry liquid and gradually add powdered sugar.
You can optionally add red food coloring to get desired color.
Transfer frosting to piping bag and frost each cupcake.
Top each with another cherry.