You'll need some fondant in either pink or red along with some in black and white. And you'll also need a black edible food marker. The easiest way to get the right colored fondant is to use pre-made, pre-colored fondant from Wilton (it can be difficult to color your own fondant especially when you need black).
Start by cutting out circles in the pink fondant that are 1 1/2 inches in width. These will be the body of the ladybugs. You can either use a circular fondant cutter or simply take one of the larger decorating tips and turn it upside down using the widest end as a cutter. For the heads, cut out circles in the black fondant that are about a 1/2 to 3/4 of an inch across. I used the widest end of a smaller decorating tip to make these. Attach the heads to the bodies at one end with a little dab of water. Then cut some small black strips of fondant and attach them down the middle of the back. Cut out some very small black circles of fondant to use as the dots. I used the small end of round decorating tip #12 to make my dots. (Helpful hint: If your fondant gets stuck in the end of the decorating tip, use the solid end of a small paintbrush to gently push it out). Place 4 dots on each ladybug, attaching them with a little water. The smaller you make your dots the more you can add. For the eyes, roll 2 tiny balls of white fondant (I roll mine between my thumb and first finger). Add a tiny dab of water and attach the eyes to the heads, flattening them slightly with your finger. The final step is to take the black edible food pen and make small dots in the center of the white eyes.
And there you have it! These are really not difficult to make but they look amazing and professional. You can use them as cupcake toppers but you could also use them to decorate a larger cake. You can even make them in different sizes and colors for added effect. Have fun!