Add cupcake liners to cupcake pans, and set aside.
Preheat oven to 350 degrees for aluminum cupcake pan or 325 for nonstick cupcake pan.
In large mixing bowl, mix together cake mix, oil, water, and eggs until well combined. {about 2 minutes} Then carefully spoon into cupcake liners about 2/3 full.
Bake for 14 - 19 minutes, or until done. Then transfer cupcakes to wire racks to cool completely.
While the cupcakes are baking, go whip up some Cream Cheese Frosting.
Once cupcakes have cooled completely, frost with Cream Cheese Frosting. Store frosted cupcakes in refrigerator until ready to eat.
When you're ready to serve your cupcakes, remove from refrigerator, then carefully remove Gingerbread Peeps from package, and gently separate.
Gently insert a toothpick into the bottom center of each Peep. Ouch, right? :)
Then carefully poke one Peep down into each cupcake, and you're done! So easy & SO cute!