Position a rack in the center of the oven and preheat it 350oF. Line a muffin pan with 12 cupcake liners and set aside.

In a medium sized bowl, whisk together cake flour, baking powder and salt.

In a large mixing bowl and with an electric mixer, whisk together white sugar, olive oil and softened butter until light and fluffy. About 2 minutes. Then whisk in 1 whole egg, 1 egg white and vanilla extract until well combined. Finally, pour in champagne and mix until incorporated.

Sift in the dry ingredients and mix on the lowest speed until just combined. Do not overmix.

Fill cupcake liners 3/4 of the way full. Bake for about 15 minutes or until an inserted toothpick in the middle of the cupcake comes out clean. Cool in the pan for a few minutes, then gently remove the cupcakes from the pan and set on a wire rack to cool completely.

Meanwhile, in a large mixing bowl, beat together softened butter and cream cheese until smooth. About 1 to 2 minutes. Add champagne and vanilla and mix until combined.

With the mixer on low, gradually add the powdered sugar and then increase to medium speed and whip for 3 to 4 minutes, until light and fluffy.

Transfer frosting into a piping bag fitted with a 1M tip or tip of choice. When cupcakes are completely cooled, pipe each cupcake with frosting. Serve and enjoy!