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MAKE THE CAKE:
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1. Center a rack in the oven and preheat to 350 degrees F. Prepare (24) cupcake tins by lining with papers.
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2. Whisk together the milk and egg whites in a medium bowl. Set aside.
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3. In a separate bowl or the bowl of a stand mixer fitted with the paddle attachment, beat the butter and sugar at medium speed for a full 3 minutes, until the butter and sugar are fluffy and very light in color.
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4. Beat in the extract, baking powder, and salt, then add one third of the flour, still beating on medium speed.
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5. Beat in half of the milk-egg mixture, then beat in half of the remaining flour until incorporated. Add the rest of the milk and eggs, beating until the batter is emulsified, then add the last of the flour.
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6. Finally, give the batter a good 2-minute beating to ensure that it is thoroughly mixed and well aerated. Scoop batter by the 1/4 cup into the prepared muffin tins.
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7. Bake for 18-22 minutes, or until the cupcakes are well risen and springy to the touch - a thin knife or toothpick inserted into the centers should come out clean.
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8. Cool on a wire rack.
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MAKE THE FROSTING:
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1. Beat the cream cheese, butter, and peanut butter on high until light and fluffy.
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2. Add in the vanilla; beat to combine.
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3. Turn the mixer down to medium speed and gradually add in powdered sugar by the 1/2 cup, until frosting reaches desired consistency.
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4. Beat frosting on high for a minute or two, until smooth and fluffy.
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TO ASSEMBLE:
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1. Core each cupcake, cutting into the center of the top, about one inch in diameter, and about halfway down the height of the cupcake. Discard (or eat) core.
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2. Pipe your favorite jelly into the center of each cupcake.
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3. Frost with peanut buttercream and garnish as desired.
