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Make Rum-Buttercream Frosting. In large bowl, beat butter with electric mixer on medium-high speed until light and fluffy. Add powdered sugar slowly, beating on low speed 30 seconds, then on medium speed 1 minute or until incorporated. Add 2 tablespoons milk and 3/4 teaspoon rum extract, beating until light and fluffy. Add a few drops food coloring at a time, beating between additions, until desired color is achieved. (If frosting is too thick, beat in remaining 1 tablespoon milk, 1 teaspoon at a time, until desired consistency.)