Preheat oven to 350°F.
Grease or line 12 muffin cups with paper liners.
In the bowl of a stand mixer, beat sugar, 1/2 cup butter, eggs, and 2 or 3 teaspoons lemon extract together until smooth and creamy.
Sift together flour, baking powder, and salt.
Slowly add flour mixture, alternating with cold milk, into butter mixture until batter is just mixed.
Add yellow food color. (optional)
Spoon batter into the prepared muffin cups. (about 2 tablespoons or 2/3 full)
Bake in the preheated oven until a toothpick inserted in the center of a cupcake comes out mostly clean (not wet), 15 to 20 minutes.