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Preheat oven to 180°C. Line a standard 12 cup muffin tin with paper cupcake liners.
Beat the butter, sugars and eggs together. Mix in other ingredients. Divide mixture into the cupcake liners. Bake for 18 – 20 minutes. Cool in the tin until completely cold. Frost with Peanut Butter Frosting.
For the frosting –
Using an electric mixer, beat al ingredients until smoothly combined. Spread on cold cupcakes.