1Heat oven to 350°F. Place paper baking cup in each of 24 regular-size muffin cups.
2In large bowl, beat cake mix, milk, 1/3 cup butter, the eggs and cinnamon with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Stir in cinnamon chips. Divide batter evenly among muffin cups.
3Bake 22 to 24 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pans to cooling racks. Cool completely, about 30 minutes.
4In large bowl, beat cream cheese, 2/3 cup butter and 1/4 cup caramel topping with electric mixer on medium speed until fluffy. Gradually add powdered sugar, beating until smooth. Frost cupcakes. Drizzle with additional caramel topping. Store loosely covered in refrigerator.