Preheat the oven to 350 degrees F. Line cupcake pans with 24 liners.
In a medium bowl, stir together the flour, baking powder and salt. In a large mixing bowl, using a electric mixer with paddle attachment, beat the butter on medium to medium-high speed for 30 seconds, gradually adding the granulated sugar about 1/4 cup at a time, until combined. Scrape the sides of the bowl down and beat until light and fluffy, about 2 minutes more. Add the eggs one at a time, beating well after each addition. Add the honey and vanilla. Alternately add the flour mixture and the milk, beating on low speed after each addition just until combined. Fold in the chopped peanuts.
Spoon the batter into the lined pans, filling the cups half to two-thirds full. Bake until a wooden toothpick inserted in the cupcake center comes out clean, 18 to 22 minutes. Cool the cupcakes completely.
Frost the cupcakes with Vanilla Buttercream Frosting. Place caramel popcorn on top of the frosting in a mounded fashion, pressing gently to secure.
Using an electric mixer with paddle attachment, beat the butter until smooth. Add the vanilla extract. Alternately add the powdered sugar and heavy whipping cream, beating on high after each addition until the frosting reaches piping consistency.
This recipe was created by a contestant during a cooking competition. It has not been tested for home use.