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Preheat oven to 350 degrees. Line muffin tin with 16 liners.
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For crispy phyllo dough base:
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In a small bowl, combine butter and honey. Microwave 30 seconds and stir. Continue to heat in the microwave in 10-second increments until butter is completely melted. Stir well to combine. In another small bowl, microwave Nutella for 35 seconds until it's warm and spreadable.
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Carefully unroll thawed phyllo dough onto a dry, smooth surface. Place one sheet of dough on a cutting board or baking sheet. Using a pastry brush, evenly coat dough with the honey butter mixture and cover with a second layer of phyllo dough. Again brush evenly with the honey mixture. Add a third sheet of phyllo dough and dab/spread Nutella as evenly as possible, trying to cover all areas. Repeat with a fourth sheet of phyllo dough and Nutella. Cover with a fifth sheet of phyllo dough. Using a sharp knife, cut phyllo dough into 2.25-inch squares. Discard any remnants. Place one square in the bottom of each liner and bake for 4 minutes until edges become crisp. Remove from oven and set aside.
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For honey nut mixture:
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Combine peanuts, almonds, and cinnamon and mix well. Add tablespoons of honey and stir to completely coat the nut mixture. Set aside.
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For cake:
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In a large mixing bowl, whisk together the sugar, flour, baking powder, nutmeg, and salt. Add the butter and beat with an electric mixer at low speed, until the mixture looks sandy.
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Combine the milk and vanilla and add, all at once. Mix at low speed for 30 seconds, then increase the speed to medium and beat for 30 seconds. Scrape the bottom and sides of the mixing bowl.
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With the mixer running at low speed, add 1 egg. Increase the speed to medium and beat for 30 seconds. Add the second egg, again beating for 30 seconds.
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Scrape the bottom and sides of the bowl, and beat briefly, just until smooth.
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Add a small scoop of batter (about 1 1/2 Tablespoons) to each cupcake liner. Top each with a heaping teaspoon of the honey nut mixture. Then add a final scoop of batter to fill liners 3/4 full.
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Bake the cupcakes for 20 to 25 minutes, rotating once halfway through. Cupcakes are done when they've domed, are a light golden brown around the edges, and spring back when pressed gently on top. Let cool in pan approximately five minutes and transfer to a rack to cool completely.
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Using the cone method for filling cupcakes, cut a small cone out of the top of each cupcake and set aside. Squeeze/spoon a dollop of honey into each well, filling it to the top. Let the cupcakes sit approximately five minutes so the honey can seep into the cake. Replace each cake cone.
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For whipped honey buttercream:
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In a stand mixer using the paddle attachment, cream together butter and honey for 2 minutes.
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Add 1 cup of the powdered sugar. Begin with mixer on low speed until sugar is incorporated, then increase speed to medium and beat until smooth and creamy, about 3-5 minutes.
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Add another cup of powdered sugar, again mixing on low speed to incorporate.
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Add heavy cream at low speed. Increase speed to medium and mix about 2 minutes until frosting is smooth.
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You may need to add additional powdered sugar as needed for desired consistency.
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Pipe or spread frosting onto cupcakes and enjoy!
