Preheat the oven to 350°F and line a metal cupcake pan with paper liners. Set aside.

In a large mixing bowl, whisk together the flour, granulated sugar, baking powder, and salt.

Add the softened butter and oil to the dry ingredients. Beat on medium speed for 2-3 minutes until the mixture looks crumbly. The butter should be very soft so it blends smoothly without leaving big chunks.

Add the eggs one at a time, mixing well after each addition. Then mix in the vanilla and almond extracts until the batter is smooth. Scrape down the sides and bottom of the bowl to make sure everything is fully incorporated.

With the mixer on low speed, slowly stream in the buttermilk and milk, mixing until combined.

Divide the batter between the cupcake liners, filling each about ¾ full. Bake at 350°F for 16-18 minutes, or until a toothpick inserted in the center comes out clean with a few moist crumbs.

Let the cupcakes cool in the pan for a few minutes before transferring them to a wire rack to cool completely.

Beat room temperature butter on medium-high speed for 3-4 minutes until light and fluffy.

Add the powdered sugar one cup at a time on low speed, beating until combined between each addition.

Mix in the vanilla extract, almond extract, and salt until smooth and creamy on medium-high speed. Reduce the speed to low to pop any air bubbles. Then transfer the frosting to a piping bag fitted with the piping tip of your choice.

Use a piping tip or cupcake corer to remove the center of each cupcake. Spoon about 2 teaspoons of cherry preserves into each cavity. You can put the tops back on or toss them.

Pipe a swirl of frosting on top of each cupcake and garnish with a fresh cherry and sliced almonds.