Cream butter and powdered sugar together, in a stand mixer or large bowl.
Add vanilla and heavy cream.
Beat until smooth and spreadable consistency.
Add additional heavy cream if needed.
Separate the frosting into two separate bowls.
Add in the red food coloring into one bowl and a splash or two of cream to make it easier to pipe.
Add in the caramel syrup to the other bowl.
Using a ziplock bag, add in the red icing and snip off the corner. Fill in the middle to the outer edges of the cupcake.
Using a decorating bag with a star tip, add in some of the caramel icing and pipe stars around the cupcake.
Using another ziplock bag, add in the rest of the caramel icing and draw line like you would with pie crust.