Preheat the oven to 350º F. Line 24 muffin cups with paper or foil liners.
Mix together flour, sugar, cocoa, soda and salt in large bowl. Add butter, oil, buttermilk, eggs and vanilla. Beat two minutes with electric mixer at medium speed. Stir in water until blended. Batter will be thin.
Divide batter among muffin cups. Bake for 30 to 35 minutes (mine were done in 28) or until toothpick inserted in center comes out clean. Cool in pan 5 minutes. Remove to wire rack. Cool completely.
To make the frosting, combine the butter and peanut butter and beat until creamy. Add the confectioner’s sugar gradually, beating until well mixed, then add the salt, vanilla and cream and beat until smooth. Add a little more peanut butter if desired.
To frost, pipe the peanut butter on top of each cupcake and stick a candy coated chocolate in the center. For more peanut butter flavor, carve a small well in each cupcake and fill with peanut butter frosting, then pipe a star of frosting over it to cover.