Heat oven to 350 degrees F. Line indents of two 12-cup mini cupcake pans with paper or foil liners.
Cupcakes. In a medium-size bowl, whisk together flour, cocoa powder, baking powder and salt. In a second medium-size bowl, combine butter and sugar. Beat with an electric mixer on medium-high for 1 minute. Add egg and beat until combined. On low speed, beat in half the flour mixture, then all the milk, followed by remaining flour mixture. Beat in vanilla extract.
Spoon evenly into prepared liners. Bake at 350 degrees F for 17 minutes. Cool in pans on wire racks.
Frosting. In a medium-size bowl, combine confectioners' sugar, cream cheese, butter, preserves and enough food coloring to tint desired shade of pink. Beat until smooth. Spread onto mini cupcakes.