In a stand mixer, beat room temperature butter until light and fluffy, around 2 minutes. You can also use a hand mixer but may need to beat the butter longer.
With your mixer on the lowest speed, add in the powdered sugar in four increments, mixing well in between to thoroughly combine. Alternate adding in 1T of heavy whipping cream in between increments. You may need anywhere from 3 to 5 tablespoons of heavy whipping cream to help the frosting come together smoothly. If frosting is too stiff, add in more heavy whipping cream one tablespoon at a time. If too loose, add in more powdered sugar a quarter cup at a time.
Once all the powdered sugar has been added, whip for an additional minute on high speed.
Scrape down the frosting from the sides of the mixing bowl, add in vanilla and salt. Whip for an extra couple minutes on high speed to ensure buttercream is uniform.
Split buttercream into three bowls, coloring each part just like you did the batter. One part blue, one part purple, one part white. This is when I love using a rubber spatula to smooth the buttercream and rid the air bubbles by adding in the gel coloring and then using your spatula push and smooth the frosting on the sides of the bowl.
To create a tri-color swirl, spread out a piece of plastic wrap on your counter. Pipe or spoon on buttercream in rows alternating colors. Roll up plastic wrap and twist the ends closed. Cut off a half inch at one end of the frosting log. Put open end down into a piping bag fitted with an open star tip.
Swirl buttercream frosting onto each cupcake. Top with star sprinkles, sanding sugar, edible glitter, and a sparkle cherry if desired.