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Since the icing has 2 steps, I'd start it first. So in a small saucepan, whisk flour into milk and heat, stirring constantly, until it thickens. Remove from heat and let it cool to room temperature. (If you're in a hurry, place the saucepan over ice in the sink for about 10 minutes or so until the mixture cools.)
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Then turn your attention to the cupcakes and preheat the oven to 350 degrees. Grab your 12-cup standard muffin pan and line with standard paper liners.
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Take a medium bowl, whisk together flour, sugar, salt, baking powder, and baking soda.
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In a separate small bowl, mix together butter, mashed bananas, eggs and vanilla. Grab your medium bowl with the flour mixture in it and make a well in the center. Then pour your banana and butter mixture into the well. Stir to incorporate the flour mixture, making sure to not over-mix. If you do, then you'll have super tough banana bread. Add the chopped walnuts and fold in.
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Dividing evenly, spoon batter into muffin cups (I filled them up about 3/4 of the way full) and place in the preheated oven. Bake them for 25-30 minutes, or until you insert a toothpick in the center and it comes out clean.
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While the cupcakes are in the oven, go back to the icing and cream the butter and sugar together until light and fluffy. Add the vanilla to the cooled milk/flour mixture. Then add the cooled milk/flour/vanilla mixture to the butter mixture and beat until it all combines and resembles whipped cream.
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NOTE: The milk/flour/vanilla mixture MUST be cooled before you add it to the butter and sugar mixture. For a step-by-step tutorial, check out this post from Ree: https://tastykitchen.com/tasty-kitchen-blog/2010/03/a-tasty-recipe-thats-the-best-frosting-ive-ever-had/
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When the cupcakes are all done and ready, remove them from the oven and take them out of the pan. Cool them on a wire rack. When they're cool, spread the tops with amazing frosting. Take the extra banana, peel and slice, placing each slice on top of each cupcake.
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Note: Cupcake recipe by Martha Stewart
