Preheat oven to 350°F.
Line standard muffin tins with paper liners (24 cupcakes total).
Whisk together the flour, baking powder, and salt and set aside.
Cream the butter, peanut butter, brown sugar, and granulated sugar together until light and fluffy.
Add the beaten eggs gradually, mixing well after each addition.
Add the vanilla and mix until incorporated.
Add the flour and milk alternately in three additions, beginning and ending with the flour. Mix just until the batter is smooth; do not overmix.
Fold in the chopped peanuts.
Divide the batter evenly among the prepared muffin cups, filling each about two-thirds full. Note that the batter will be quite thick; this is how it should be.
Bake for 15-17 minutes, or until the tops spring back lightly when touched and a toothpick inserted in the center comes out clean. Watch carefully over the last few minutes, as these are quick to overbake.
Remove cupcakes from the pan right away to prevent the residual heat from overbaking them, and transfer to a wire rack to cool completely.
Frost with Minute Fudge Frosting, or the chocolate frosting of your choice.
To frost with Minute Fudge Frosting: Dip each cupcake top in the frosting, then immediately top with chopped peanuts. Let set completely. For a thicker layer of fudgy frosting, make a 1.5x batch.
To add a fudgy center: Make a 1.5x batch of Minute Fudge Frosting. Use a knife to carve a cone-shaped hole in the top of each cupcake, reserving the cutout. Fill the hole with frosting, then replace the cutout on top. Let set, then dip the top in the remaining frosting to cover and garnish with chopped peanuts. Let set completely.