I used my favorite chocolate cupcake recipe for the cake part, as I'm not a huge fan of coconut milk as they suggest in the recipe I found at Sweet Pea's Kitchen. I did use her this recipe for the frosting, however.
Caramel Frosting
1 cup butter
1/2 tsp salt
2 cups brown sugar
1/2 cup milk
2 tsp vanilla
4 cups powdered sugar
1 cup milk chocolate chips
1 cup coconut
Melt the butter in a saucepan over medium heat. Stir in the salt and brown sugar, then heat to boiling, stirring constantly. Turn to low heat and continue to stir for 2 minutes, or until all the sugar has dissolved. Add the milk and return to a boil, still stirring. Remove from heat entirely, and add the vanilla.
Let cool for around 40 minutes, stirring occasionally, until lukewarm. Move mixture to a bowl, and add the powdered suagr, one cup at a time until desired consistency is reached. This frosting is very thick, my mixer actually overheated and died on me just as I was adding the last cup of sugar. Thank God this was my last thing that needed mixing that night because I believe it was 2am or so and I don't think Argo's would have been to happy to see me plotting to sneak in and take a new mixer so i could deliver the cupcakes in the morning ;)
Melt the chocolate chips in the microwave, and drizzle over the piped frosting. Toast the coconut in the oven. I used the broiler set at around 400 degrees, so it only took about 3-4 minutes, flipping halfway through. Sprinkle the coconut on top and enjoy!

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