Preheat oven to 350F, line two cupcake pans with 24 wrappers and set aside.

First, make the cupcakes. In the bowl of a stand mixer fitted with the paddle attachment, beat the butter and sugar together until light and fluffy. Add in the eggs, one at a time, followed by the vanilla.

In a medium bowl, whisk together the flour, cocoa, baking powder, baking soda, and salt. In a measuring cup, stir together the milk and red velvet emulsion.

Add in ⅓ of the dry ingredients, mix well, then add in half of the milk. Follow up with another third of the dry ingredients, the rest of the milk, and finish with the remaining dry ingredients.

Stir in the chocolate chips if desired.

Divide the batter evenly among the 24 wrappers, and bake cupcakes for 15-17 minutes, until they appear puffy, dry, and a toothpick inserted in the center comes out clean or with a few crumbs. Let cool completely before frosting.

To make the frosting, place the butter and cream cheese in the bowl of a stand mixer fitted with the paddle attachment. Beat together on medium-high speed until creamy and lump-free.

Add in the vanilla, salt, and the powdered sugar a little at a time until totally incorporated.

Once you've added all the sugar, beat frosting on medium-high for 3-4 minutes until fluffy and light.

Decorate cupcakes as desired, and enjoy!