Preheat your oven to 350°F (175°C) and line a cupcake pan with liners. In a large mixing bowl, whisk together all-purpose flour, granulated sugar, baking powder, and salt.

In a separate bowl, mix the wet ingredients: mashed bananas, milk, vegetable oil, eggs, and vanilla extract. Gently combine the wet and dry ingredients to form a batter.

Fill the cupcake liners three-quarters full with batter and place in the oven to bake for 20 minutes.

Allow the cupcakes to cool in the pan for 5 minutes before transferring them to a wire rack to cool completely.

To make frosting, beat the room temperature unsalted butter until light and fluffy. Gradually add powdered sugar and heavy cream until creamy and smooth. Optionally add vanilla extract.

For the ganache, combine semisweet chocolate chips and heavy cream in a microwave-safe bowl. Microwave in intervals until melted and glossy.

Once cooled, frost the cupcakes with buttercream, chill in the fridge, then drizzle with ganache, sprinkle with rainbow sprinkles, and top with a maraschino cherry.