Preheat oven to 350 degrees F. Line 24 muffin tins with cupcake liners and set aside.
In a large bowl, cream butter and sugar on medium speed until fluffy and light in color, about 4 minutes. Beat in eggs, one at a time, scraping down the sides of mixing bowl as needed. With the mixer on low, slowly beat in sour cream, vanilla, and red coloring. Slowly beat in flour mixture until just blended. Give the batter a few good stirs, folding from the bottom to make sure all the ingredients are incorporated. Fill prepared tins ⅔ full and bake for about 15 minutes or until tops spring back when lightly touched in the center. Cool completely on wire racks.
Prepare frosting: In a large bowl, beat butter, cream cheese, and extracts on medium speed until smooth and combined. Change mixer speed to low and slowly add powdered sugar until just barely mixed in. Increase mixer speed to high and beat for one minute.
Cut cupcakes in half horizontally. Place the bottom half in a jar, top with frosting and sprinkle with crushed mints. Repeat layers and top with a Chocolate-dipped Peppemint PEEP.
Cover jars with lids and keep in the refrigerator until serving.
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