Preheat oven to 350 degrees. Line muffin tins with paper liners.
Prepare and bake cupcakes according to package directions. Cool on wire racks.
In a mixing bowl, beat cream cheese and butter until combined. Add powdered sugar and meringue powder and cream until fluffy. Add cherry juice to desired consistency. Stir in chopped cherries.
Place icing in decorator bag with round tip attached and pipe on top of each cupcake. Place in refrigerator for 30 minutes.
In a microwave-safe bowl, heat chocolate chips and half and half on HIGH for 45 seconds. Stir. Continue at 20 second intervals until melted and smooth. Stir in corn syrup. Pour about half a tablespoon of chocolate over each iced cupcake. Return to frig for at least 30 minutes.
Top each cupcake with a cherry before serving. Store cupcakes in refrigerator.