Bottom text reads 騎二一 an abbreviation for (第)騎二一(兵連隊) 21st Cavalry Regiment. Top text reads 退営記念 "Discharge from Barracks commemoration" very common imperial Japanese army honorable discharge terminology.

The 21st Cavalry Regiment was part of the 17th Division and was formed in 1908 and disbanded in 1925. They primarily were involved in garrison duty in Manchuria. The soldier who received this cup over 100 years ago was likely involved in said Manchuria garrison duty.

As you can see in the final 3 pictures I have 2 of these and both are exactly the same besides minor variations due to them being hand painted. The other pictures are of both cups interchangeably, for example images 1 and 2 are a separate cup from images 3 and 4.

Both of the 2 cups are exactly the same, you will receive 1 cup per order.