Preheat oven to 350 degrees F. Line a cupcake pan with paper liners.
In a mixing bowl, combine dry ingredients (flour, baking powder, and salt). Set aside.
In a bowl, cream together the butter and brown sugar with an electric mixer. Add egg and vanilla extract, mix well.
Alternating with flour mixture, add buttermilk and beat until combined (do not overmix).
Fill each cupcake liner 2/3 full.
Bake for 20-25 minutes or until toothpick inserted comes out clean (22 minutes for me).
For the Frosting:
In the bowl of an electric mixer fitted with the paddle attachment, beat butter for 2 minutes on medium speed.
Adjust speed to low and add powdered sugar to butter, one cup at a time, until well incorporated. Add vanilla extract, and milk or heavy cream, and peanut butter.
Beat on medium for 3 minutes. Add additional powdered sugar or milk/cream until desired consistency is reached.
Pipe frosting onto cooled cupcakes and garnish with hot fudge topping and toffee bar piece.