Preheat your oven to 350°F (175°C) and line a muffin tin with cupcake liners.
In a large mixing bowl, cream together the softened unsalted butter, vegetable oil, and sugar until light and fluffy. Add the eggs one at a time, mixing well after each addition. Stir in the red food coloring and vanilla extract.
In a separate bowl, whisk together the buttermilk, cocoa powder, salt, baking soda, and vinegar. Gradually add this mixture to the butter-sugar mixture, alternating with the all-purpose flour, beginning and ending with the flour. Mix until just combined.
Spoon the batter into the prepared muffin tin, filling each liner about two-thirds full. Bake in the preheated oven for 18-20 minutes, or until a toothpick inserted in the center comes out clean. Allow the cupcakes to cool in the tin for 5 minutes, then transfer them to a cooling rack to cool completely.
While the cupcakes cool, prepare the peppermint cream cheese frosting. In a large bowl, beat the softened cream cheese and butter until smooth and creamy. Gradually add the powdered sugar and peppermint extract, mixing until well combined and fluffy.
Once the cupcakes are completely cool, use a piping bag or a spatula to frost each cupcake generously with the peppermint cream cheese frosting.
Sprinkle crushed hard peppermint candies on top of the frosting for a festive touch and an extra crunch.