Preheat oven to 350 degrees. Line (2) 12-cup cupcake pans with paper liners. Set prepared pans aside.

In a large mixing bowl with a stand or hand mixer, on low, cream together the sugar and oil until fluffy. While still on low, gradually add the egg whites one at a time. Add in the vanilla and mix until combined.

In a separate bowl, whisk together the flour, baking powder, baking soda and salt. Gradually add the dry ingredients to the wet ingredients while the mixer is on low, stopping to scrape down the sides of the bowl. Batter will be smooth and creamy.

Measure out the buttermilk and add the cherry syrup to the buttermilk. Stir. While mixer is on low, slowly add the buttermilk mixture to the batter.

Using a rubber scraper, fold in the chopped cherries just until evenly dispersed into the batter.

Pour or ladle the batter into the lined cupcake pan. Fill each cupcake nearly 3/4 full.

Bake the cupcakes (both pans can go into the oven at the same time) at 350 degrees for 18-20 minutes, or until a toothpick inserted into a cupcake comes out clean and crumb free. Let cupcakes cool to room temperature.

While cupcakes are cooling, mix the frosting. With a clean bowl and stand or hand mixer, cream together the room temperature butter and cream cheese. Add the cherry syrup and vanilla, and continue to mix until smooth. Gradually add the powdered sugar one cup at a time. Do this slowly, so the powdered sugar stays in the bowl. Stop the mixer occasionally to scrape down the sides of the bowl and add more powdered sugar. Once all the powdered sugar is added frosting consistency will be thick and creamy.

Add in a few drops of red food coloring to achieve your desired pink color - add more to achieve a darker pink color.

Frost the cooled cupcakes with a knife or piping bag with your desired tip. Top each cupcake with a stemmed maraschino cherry.