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Cut small rectangles out of felt or snip numerous pipe cleaners or plastic straws into small sections.  Use multi-colored materials for rainbow sprinkles or dark brown materials for chocolate sprinkles. Attach the sprinkles to the frosting using a hot glue gun. Position the sprinkles in randomized, scattered directions. Do not arrange the sprinkles to face the same direction since this will not look appropriately cupcake-like. Wear a red knit cap and use hot glue to attach a red pipe cleaner to the uppermost tip. Bend the pipe cleaner slightly so that it looks like the stem of a cherry. Dress in tights and a sweatshirt.  The tights and sweatshirt should match the color of the frosting. If you used white frosting, then wear white clothes. If you used chocolate frosting, wear brown clothes. Alternatively, you could wear flesh-tone tights instead of colored tights. Wear short running shorts above the tights, checking to make sure that they do not extend past the bottom of the cupcake costume wrapper. You could also trade the sweatshirt for a tank top or sleeveless shirt. Wear shoes that match your tights, if possible.  Wear plain sandals or flats. Avoid elaborately decorated shoes. If you cannot match your shoes to your tights, simply select the simplest pair of shoes you can find.
Add sprinkles. Top the outfit off with a cherry. Wear the right clothes underneath. Avoid distracting footwear. Finished.