1Heat oven to 425°F. Place foil baking cup in each of 10 regular-size muffin cups. Lightly spray foil cups with cooking spray.
2In large bowl, stir together Bisquick mix, Cheddar cheese and 3 slices crumbled bacon. Stir in 3/4 cup beer and the melted butter until dry ingredients are moistened. Divide batter evenly among muffin cups.
3Bake 10 to 15 minutes or until golden brown. Remove from pan; cool 15 minutes.
4Meanwhile, in small bowl, mix cream cheese and softened butter. Stir in powdered sugar and 2 tablespoons beer until smooth. Spread frosting on each cupcake; top each with bacon. Sprinkle with red pepper.