Trim the tops of the cupcakes to form a somewhat cylinder shape. Cut a cone shape inside the cupcake.
For the frosting, beat sugar, marshmallow cream, butter and vanilla extract with an electric mixer. Add in milk as needed until it is a frosting consistency.
With a piping bag, fill the cone-shaped hole with the frosting, then spread frosting over tops and sides of cupcakes.
For the pink exterior, mix shredded coconut with 2 drops of red food coloring in a mixer until you get your desired color.
Remove from mixer and place in a shallow bowl. Roll cupcakes in shredded coconut.