To a medium pan set over medium heat add 1 cup of butter (2 sticks). Stir the butter constantly until the butter has browned and started forming brown bits on the bottom, around 5 minutes. Place a fine mesh sieve over a medium bowl. Pour the butter through the sieve to collect some of the larger brown bits. Place the bowl in the fridge to solidify while to make the cake.
To the bowl of a stand up mixer with the paddle attachment, add the brown butter, butter, and powdered sugar. Start beating on low and raise up to medium once it starts to incorporate.
Add in the bourbon, vanilla and whipped cream. Beat on medium high, around 2 minutes, until the frosting is light a fluffy. Add in the food coloring (optional) and beat until combined