Preheat the oven to 350 degrees F. Line two large muffin pans with 24 paper liners. Place 3 softened Land O Lakes® Salted Butter Half Sticks in the bowl of an electric mixer. Add the sugar and beat until light and fluffy, 3 to 4 minutes. Scrape the bowl and add the eggs, vanilla extract, and baking powder. Beat to combine.
Add the lemon zest and juice to the bowl. Turn the mixer on low and slowly add the flour and milk until just combined. Scrape the bowl again and turn on low while adding 3 to 5 drops of red food coloring, creating a pale pink color.
Divide the batter evenly between 24 cupcake liners. Bake for 15 to 20 minutes, until a toothpick inserted into the center of a cupcake comes out clean. Cool in the muffin pans for 10 minutes before moving to a cooling rack.
Once the cupcakes are completely cool, make the frosting. Place the softened butter and cream cheese in a clean bowl. Cream with the mixer on high until very smooth with no clumps. Scrape the bowl, then add the lemon zest and juice. Turn the mixer on low and slowly add the powdered sugar until your desired consistency is reached. Add 2 to 3 drops of red food coloring to create a pale pink color.
Place the frosting in a large piping bag with wide piping tip. Pipe large mounds of frosting on top of each cupcake. Then cover with pink sprinkles and top with a lemon jelly candy.