Step 1

Heat oven to 350F.  Line two muffin pans with cupcake liners and lightly spray with cooking spray.

Step 2

Using a mixer, combine the cake mix, 1 1/3c of the cherry cola and the eggs in a large bowl on medium high until combined, about 2 minutes.  Divide evenly among the muffin cups (about ¾ full each).

Step 3

Bake cupcakes until a toothpick inserted in the center comes out clean (15-20 minutes).  Set aside to cool completely.

Step 4

Stir remaining ¼ cup of cherry cola together with the cherry preserves.  Add to a small saucepan and heat, simmering until thickened and slightly reduced, 5-10 minutes.  Move to a bowl and refrigerate until fully cooled, 45-60 minutes.

Step 5

Scoop out a ½” wide and ¾” deep crater in each cupcake.  Fill each hole with the soda/preserves mixture.

Step 6

Beat the frosting and cherry juice together on medium-high until smooth and fluffy, 4-5 minutes.  Pipe atop the cupcakes and gently smooth with a butter knife.

Step 7

Top each cupcake with a maraschino cherry and serve.