Prepare your favorite cupcake batter (we used Duncan Hines cake mix). Place cones* in cupcake cone baking rack which I found online. I recommend buying two. (If you don't have this, you can use a muffin pan).
Fill cones approximately half full with cake batter. Do not overfill. Test bake one cone to determine correct amount.
Place rack on baking sheet to catch any overflow. Place rack and baking sheet in a 350°F pre-heated oven for 15-20 minutes or until toothpick inserted into cake comes out clean. Let cones and rack completely cool before decorating and serving.
For frosting and decorating
Make buttercream (reserving ¼ cup) and pour into piping bag with 1M tip. Color remaining frosting red or desired color. Place in piping bag with #3 round tip.
For the mini graduation caps, Use melted chocolate to stick a chocolate graham cracker on top of an upside down peanut butter cup. Pipe a red lop on top and stick an M&M in the middle. Pipe vanilla buttercream on top of each cupcake. Place grad cap on top.
Store cupcakes in airtight container at room temperature. Cupcakes are best to be enjoyed with in 48 hours of making them.
Video
Notes
If you're serving them at a graduation party, place each cupcake in a clear plastic cup with a handful of M&M candies in the bottom of the cup to stablize the cupcake and also look cute (preferrably school colors). Or you can display them on your nifty Cupcake Cone Baking Rack.*Sugar and waffle cones not recommended.