Whisk together the flour, baking powder and salt. Set aside.
In another bowl, blend together the butter, sugar, and vegetable oil until creamy.
Add the eggs, one at a time. Then add in the vanilla and almond extract.
Using a rubber spatula, beginning and ending with the flour mixture, fold and stir in ⅓ of the flour mixture until nearly combined followed by ½ of the milk, repeat process once more then end by folding in remaining ⅓ of the flour mixture just until nearly combined.
Add the rainbow sprinkles trying not to overwork the batter.
Line a 12 capacity muffin pan with paper muffin liners that have been sprayed with non-stick baking spray. Evenly fill the muffin pan with about ⅓ cup batter in each.
Bake in the preheated oven for about 15-18 minutes or until a toothpick inserted into the center of one of the muffins comes out clean.
Allow the muffins to cool for a few minutes before removing them from the pan onto a wire rack to cool for about 15 minutes.
Combine the glaze ingredients into a small bowl. (You may need to add a few more tablespoons of milk or a little water if the glaze is too thick.)
Dip the muffins into the glaze and place back on to the wire rack to allow the excess glaze to run off.
While they're still wet, add a few sprinkles to the top of each muffin.
Notes
Be sure to use rainbow jimmies in this recipe. This type of sprinkle holds up to being mixed into batter without bleeding and keeps its color.