Preheat oven to 350 degrees. Line a standard sized muffin pan with muffin liners or spray with cooking spray. In a large mixing bowl, combine all the ingredients. Mix until just blended.Fill muffin cups a little more than 3/4 full. Bake for about 20 - 24 minutes or until a toothpick comes out clean. Remove from oven and cool completely.
While the cupcakes are cooling, make the frosting. In a medium bowl, cream together the cream cheese and butter until creamy. Mix in the vanilla, then gradually stir in the confectioners' sugar.
Once the cupcakes have completely cooled, ice them and enjoy!