Allow 1/4 cup of ice cream to sit at room temperature for 10 minutes.
Beat butter and cream cheese with electric mixer until light and fluffy. Add vanilla extract and mix to combine. Gradually add powdered sugar, one cup at a time. Mix in ice cream and gradually add milk until you reach your desired consistency.
Notes
*I didn’t measure the amount of milk I used, but this is probably close. Just remember to use a tiny bit at a time.**To get the look of my cupcakes: Divide your frosting into two bowls and add a few drops of red food coloring to one of them to achieve a light pink hue. Fill a pastry bag fitted with a large star tip with each frosting spread on opposite sides of the bag. Create a swirl effect on the top of the cupcake, moving in a circular motion up into a peak. Top with sprinkles.