Combine all ingredients in a mixing bowl and stir until smooth.

Place a wire rack on a baking pan or over wax paper to catch all of the glaze drippings.

Remove the cupcakes from the liners. Turn the cupcakes upside down on the rack so that the bottoms are up.

Spoon the glaze over the bottom and down the sides of the cupcakes. Dry for 5 minutes and repeat until the cupcake bottoms are covered. Let the glaze set for at least 10 minutes.

After the glazing on the bottoms has set, turn cupcakes over to glaze the tops.

For an eye-catching effect, once the glaze is set, frost the top of the cupcake with frosting in a color that coordinates with the glaze.

Decorate with sprinkles or edible sprays.