Preheat the oven to 350 degrees.

Prepare the cupcake batter by combining the cupcake mix, water, oil, and eggs in a large bowl. Beat on low speed with an electric mixer for 30 seconds. Increase mixer speed to medium and continue beating for 2 minutes stopping to scrape down the sides of the bowl occasionally.

Fill the cups of a doughnut pan 2/3 full with the cupcake mixture.

Bake 10 minutes or until a toothpick inserted comes out clean. Cool for 5 minutes in the pan then remove the doughnuts to a wire rack to cool completely (about 30 minutes).

Meanwhile, make the peanut butter frosting. Combine the peanut butter mix with the softened butter and cream (or half and half, or milk). Stir until the mixture is well blended and smooth.

Dip the top of each doughnut into the peanut butter frosting and place back on the rack, frosting side up. Sprinkle with your choice of garnishes. I used mini chocolate chips and white chocolate chips. Mini marshmallows or sprinkles would be fun, too.