Preheat oven to 350°. Line 24-cup muffin pans with paper cupcake liners; set aside.
Combine all ingredients except frosting in large bowl with electric mixer at low speed until moistened. Beat 2 minutes with mixer at medium, scraping down sides occasionally. Evenly spoon batter into prepared pans.
Bake 20 minutes or until toothpick inserted in centers comes out clean. Remove cupcakes to wire rack and cool completely. Evenly spread frosting on cupcakes.