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1
Make the frosting: Sprinkle the sugar evenly in a large skillet and add the corn syrup.
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2
Bring to a boil over medium heat, stirring once or twice.
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3
Continue to boil, swirling the pan but not stirring, until the caramel is amber.
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4
Carefully pour in the heavy cream (it can splatter) and add the butter.
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5
Simmer, whisking constantly, until the caramel is smooth, about 2 minutes.
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6
Combine both chocolates and the salt in a medium heatproof bowl.
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7
Pour the hot caramel over the chocolate and let stand until melted, about 5 minutes.
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8
Whisk until smooth and shiny, then cover and refrigerate until set, at least 4 hours or overnight.
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9
(The frosting can be made up to 2 days ahead.)
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10
Make the cupcakes: Position a rack in the middle of the oven and preheat to 375 degrees F. Line two 12-cup muffin pans with paper liners.
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11
Whisk the flour, baking powder and salt in a bowl.
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12
Sift the malted milk and cocoa powders into another bowl.
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13
Beat the sugar and butter in a third bowl with a mixer until light and fluffy, about 7 minutes.
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14
Add the malted milk powder mixture and beat until combined.
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15
Add the eggs, one at a time, beating well after each addition.
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16
With the mixer on low speed, add the flour mixture in three parts, alternating with the half-and-half in two parts, beginning and ending with flour.
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17
Divide the batter evenly among the prepared cups, filling each about three-quarters of the way.
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18
Bake until a toothpick inserted into a cupcake comes out clean, 15 to 20 minutes.
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19
Let cool in the pans 10 minutes, then transfer the cupcakes to racks to cool completely.
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20
Beat the chilled frosting with a mixer or whisk until thick, about 2 minutes, but don't overwhip.
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21
Spread on the cupcakes or transfer to a pastry bag with a star tip and pipe on top.
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22
Refrigerate until ready to serve, then sprinkle with the cereal.
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23
Photograph by Con Poulos
