Summarize:

Pour the heavy cream into a small saucepan, then place the saucepan on the stove. Set the heat to medium, and wait until the heavy cream comes just short of boiling. Place the chocolate chips into a heat-safe bowl, then pour the hot, heavy cream over them. You can use milk chocolate or semi-sweet chocolate chips for this. During this time, the hot cream will melt the chocolate chips without scorching them. If you don't have any foil on hand, you can use a plate instead. Lift the foil away, and briskly whisk the two together until everything is smooth. Be sure to scrape the bottom and sides of the bowl often. If you piped the frosting on instead, you can skip this step and more on to the next; you'd want to use the ganache before it starts to thicken. If you piped the frosting on, pour the ganache on instead so that you don't ruin the piped texture. You can also use crushed nuts instead of sprinkles. Once again, set the cupcakes down onto the muffin tin, and place the tin back into the fridge. This will allow the ganache to set up. Once the time is up, you can serve the cupcakes!
Bring the heavy cream to a just below a boil in a small saucepan. Pour the heavy cream over the chocolate chips. Cover the bowl with foil, and let it sit for 5 minutes. Stir the chocolate chips and milk together with a whisk until combined. Let the mixture sit until it cools and thickens. Use a spoon to pour the ganache onto the frosting and swirl it around. Top each cupcake with a maraschino cherry and sprinkles. Refrigerate the cupcakes for 1 hour before serving them. Finished.