Step 1

Heat oven to 350°F (325°F for dark or nonstick pans). Place paper baking cup in each of 24 regular-size muffin cups.

Step 2

In large bowl, beat cake mix, water, oil, eggs and 3/4 cup peanut butter with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Divide batter evenly among muffin cups (about two-thirds full).

Step 3

Bake 18 to 23 minutes or until toothpick inserted in center comes out clean. Remove from pan to cooling rack. Cool completely, about 30 minutes.

Step 4

In medium bowl, stir together frosting and 1/4 cup peanut butter. Frost cupcakes with frosting mixture. Sprinkle with peanuts; press lightly into frosting.