Preheat oven to 350 degrees. Beat butter and shortening at medium speed with an electric mixer until creamy; gradually add sugar, beating well. Add eggs, 1 at a time, beating until blended after each addition.
Combine flour, baking powder, and salt; add to butter mixture alternately with buttermilk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in extracts. Stir in 1/3 cup multicolored confetti sprinkles.
Place paper baking cups in 2 (12-cup) muffin pans, and coat with cooking spray; spoon batter into cups, filling two-thirds full.
Bake for 12 to 15 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans to wire racks, and cool completely.
To prepare Vanilla Frosting, beat first 4 ingredients at medium speed with an electric mixer until creamy. Gradually add powdered sugar, beating at low speed until blended. Beat at high speed 2 minutes or until creamy. Make 3 cups.
Tint Vanilla Frosting with food coloring gels of your choice. Frost each cupcake with tinted frosting. Roll edges of each cupcake in confetti sprinkles, and top each with 1 sugar circus animal.