In a seperate mixing bowl, using an electric hand mixer set on medium speed, blend together sugar, butter and vegetable oil until creamy, about 30 seconds.
Mix in eggs one at a time. Blend in vanilla and almond extract.
Using a rubber spatula, working in three separate batches, beginning and ending with flour mixture, fold and stir in 1/3 of the flour mixture until nearly combined followed by 1/2 of the milk, repeat process once more then end by folding in remaining 1/3 of the flour mixture just until nearly combined.
Add in rainbow sprinkles and gently fold into mixture (you just don't want to over-work the batter).
Divide batter among 12 paper-lined muffin cupcakes, filling each nearly full (about 1/3 cup in each). Bake in preheated oven until toothpick inserted into center comes out clean, about 15 - 18 minutes.
Transfer muffins to a wire rack to cool. Dip in glaze while still slightly warm and allow excess glaze to run off, then turn upright and return to wire rack, sprinkle with rainbow sprinkles and allow glaze to set at room temperature. Store in an airtight container.
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