Preheat oven to 350 degrees.
Line 24 muffin tins with paper liners.
In a large bowl, beat together all cake ingredients on medium speed for 2 minutes. Scrap down the bowl as needed.
Fill paper cups 2/3 full with cake batter.
Bake for 10 minutes then reduce heat to 325 and continue baking for 18-25 minutes or until center is cooked through.
Cool completely before frosting.
In a large bowl cream together butter, shortening raspberry preserves and vanilla extract.
Slowly add in powdered sugar until all combined.
If needed, use a little milk to thin it to desired consistency.
Using a large star tip, frost the cupcakes and immediately sprinkle with mini chocolate chips.