Steps:
- Preheat oven to 375 degrees F. Place a medium-sized platter in the freezer.
- Line 10 standard (2 3/4-inch wide) muffin cups with paper liners. Set aside.
- To make the cupcakes, in a medium bowl and with an electric mixer, beat the peanut butter, sliced banana, oil and water together on medium speed until mostly smooth or only a few very small pieces of banana are visible. On low speed beat in the egg, cocoa powder and the cake mix. Increase speed to medium-high and beat for 1 minute or until batter is well blended.
- Spoon an equal amount of batter into the lined muffin cups, filling each about 2/3 full. Bake on the center rack for 15 to 20 minutes or until a wooden pick inserted into the center of cakes comes out clean.
- Remove cupcakes from the pan and place on the platter in the freezer. Freeze for 8 minutes to quickly cool the cupcakes.
- While the cakes cool, make the frosting, with an electric mixer beat together the butter and peanut butter until smooth. Gradually beat in the powdered sugar and 1 1/2 teaspoons milk until frosting reaches a spreadable consistency. (If needed, add up to an extra 1/2 teaspoon of milk to make frosting smooth.) Frost cupcakes. Sprinkle the tops with an even amount of the chopped peanuts. Garnish the tops of each cake with a dried banana chip.
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