Preheat oven to 350 degrees.

Beat first 8 ingredients in a large mixing bowl on low speed for about 30 seconds or until mixed together.

Spray 24 muffin tins with cooking spray, or line with cupcake liners. Fill each slightly more than half full.

Bake for 18-21 minutes or until a toothpick inserted in the middle of the cupcake comes out clean.

Remove cupcakes from oven and let cool completely.

Cream together cream cheese and 2 cups of the powdered sugar. Add in the heavy cream and vanilla, and mix well. Continue mixing and add in the remaining 2 cups of powdered sugar ½ cup at a time, until well blended.

In small mason jars or dessert dishes, layer a pumpkin cupcake (or half of a cupcake if using very small dishes/jars), followed by roughly ¼ cup cream cheese icing. Top with another cupcake, and then top that with the optional toppings of whipped cream, walnuts, and/or caramel sauce.