1Heat oven to 400°F. Line 16 regular-size muffin cups with paper baking cups. In large bowl, beat all cupcake ingredients with electric mixer on low speed 30 seconds, scraping bowl constantly. Beat on medium speed 4 minutes, scraping bowl occasionally. Spoon evenly into muffin cups.
2Bake 15 to 20 minutes or until toothpick inserted in center comes out clean. Immediately remove from pan. Cool completely, about 30 minutes.
3In medium bowl, stir together malted milk powder and milk; let stand 5 minutes. Add remaining frosting ingredients; beat with electric mixer on medium speed 1 to 2 minutes or until smooth. Spread frosting over cupcakes.