1Heat oven to 350°F (325°F for dark or nonstick pans). Place paper baking cup in each of 24 regular-size muffin cups.
2In large bowl, beat all cupcake ingredients with electric mixer on low speed 30 seconds. Beat on medium speed 2 minutes, scraping bowl occasionally. Divide batter evenly among muffin cups.
3Bake 18 to 22 minutes or until toothpick inserted in center comes out clean. Cool 10 Minutes; remove cupcakes from pans to cooling rack. Cool completely.
4In medium bowl, mix frosting and food color until blended. Frost cupcakes. Sprinkle sugar on small plate; roll edges of cupcakes in sugar. Cut small slit in lime slices; twist and place on cupcakes. Poke 1 umbrella into each cupcake. Store loosely covered in refrigerator.