Preheat oven to 400 degrees F. Place cupcake liners in a muffin pan. Set aside.
Beat all ingredients in a large bowl with an electric mixer on low for 30 seconds. Scrape the sides of the bowl. Increase mixer speed to high and beat for 3 minutes. Spoon batter into cupcake liners until about 2/3 full.
Bake for 13-14 minutes, until tops are pale golden. Cool completely before frosting. Store in an airtight container.
Combine all ingredients in a mixing bowl. Mix on medium-high speed, scraping bowl occasionally. Mix until ingredients are incorporated and frosting has a whipped appearance, about 3-4 minutes. Pipe onto cupcakes, adding any sprinkles on top that you'd like.