Preheat oven to 350 degrees F.
Using an electric mixer, beat the egg whites until soft peaks form and then set aside.
In a separate bowl, beat the egg yolks with 1/2 cup of sugar. Once it starts getting pale, add the remaining sugar along with the 1/2 cup whole milk and vanilla extract, beat until pale yellow.
Add half of the egg white mixture to the egg yolk mixture and fold it in gently. Then add the remaining egg white mixture and fold until well incorporated.
Sift the all-purpose flour, baking powder, and salt. Fold the flour mixture into the egg mixture gently.
Fill a cupcake liner 3/4's of the way using an ice cream scoop. Bake the cupcakes for 20 minutes or until fully cooked through. Let the cupcakes cool completely.
To prepare the milk mixture, mix the sweetened condensed milk, 1/2 cup whole milk, and evaporated milk.
Poke holes all over the cupcakes using a fork or toothpick. Pour the milk mixture all over the cupcakes and repeat this step every 2-3 hours. Ideally, you'll want to do this 2-3 times.
To make the whipped cream, mix the heavy cream and powdered sugar with an electric mixer for 3-4 minutes or until it resembles whipped cream.
Frost the cupcakes with whipped cream and decorate with cherries, if desired. Enjoy!