To make the strawberry reduction: hull and dice one 16-oz container of strawberries. Add to a blender and blend until pureed. You'll need about 1 1/4 cup of puree. Transfer puree to a saucepan over medium heat. Bring to a simmer and reduce heat to medium-low. Stir occasionally until strawberry puree is reduced and resembles a thin jelly/jam consistency, about 3/4 cup. Remove from heat and let cool completely. (You can transfer to the fridge to cool faster.)
To make the cupcakes: once the strawberry reduction is cool, make the cupcakes. Preheat oven to 350°F and line two cupcake pans with paper liners. Whisk together flour, baking powder, salt, and sugar.
Add eggs, vanilla, oil, milk, and strawberry reduction. Mix on medium speed with an electric mixer until smooth. Add desired amount of food coloring. (I used Wilton gel food coloring and suggest starting with about 1/4 tsp and add more if desired.)
Scoop batter into the prepared cupcake liners until about 2/3 full. Bake for 15-18 minutes, or until lightly golden brown on top and a toothpick inserted into the center of cupcakes comes out clean. Let cupcakes cool completely before frosting.
To make the frosting: In the bowl of a stand mixer fitted with the paddle attachment, cream together butter and cream cheese. Add vanilla. Add powdered sugar 1-2 cups at a time, mixing well and scraping the bowl as needed. Add milk/cream as needed.
When cupcakes are cool, pipe frosting and top with fresh strawberries, sprinkles, or whatever garnishes you prefer! Store covered in the refrigerator.