These Pina Colada Cupcakes have a coconut-pineapple cupcake base, rich coconut cream cheese frosting, and they're garnished with toasted coconut, pineapple triangles, maraschino cherries, and paper umbrellas. Basically, it's summer in cupcake form.
Adjust oven rack to lower-middle position and heat oven to 350 °F Line 2 muffin tins with liners and set aside.
Beat egg whites and whole egg in large measuring cup with a fork to combine. Add cream of coconut, water, vanilla, coconut extract, and rum extract and beat with a fork until thoroughly combined and set aside.
In a bowl of a stand mixer fitted with the paddle attachment, combine flour, sugar, baking powder, and salt. Mix on the lowest speed to combine, about 30 seconds.
With the mixer still running on the lowest speed, add butter 1 piece at a time, and then beat until the mixture resembles coarse meal, about 2-2 ½ minutes.
With the mixer still running, add 1 cup of the liquid. Increase the speed to medium-high and beat until light and fluffy, about 45 seconds. With the mixer still running, add remaining 1 cup liquid in a steady stream. Stop the mixer and scrape down the bowl, and then beat on medium-high speed to combine about 15 seconds. Fold in the pineapple.
Using a 4-Tablespoon scoop, scoop batter into the prepared muffin tins and level the batter with an offset spatula. Bake until a toothpick inserted into the center of a cupcake comes out clean, about 20 minutes, rotating the tins halfway through baking. ***Do not turn off the oven.
Cool the cupcakes in the pans for about 10 minutes, and then remove the cupcakes from the tins and move them to wire racks to cool to room temperature.
TOAST THE COCONUT:
While the cupcakes are cooling, spread the shredded coconut on a rimmed baking sheet; toast in the oven until shreds are a mix of golden brown and white, about 15 to 20 minutes, stirring 2 or 3 times. Cool the toasted coconut to room temperature.
MAKE THE COCONUT CREAM CHEESE FROSTING:
Add the butter, cream cheese, and a pinch of salt to the bowl of a stand mixer and beat on medium speed until creamy, about 1 minute.
Add the powdered sugar, vanilla extract, coconut extract, and heavy cream and pulse on and off on low speed until the powdered sugar is mixed in. Then, increase the speed to medium and beat until fluffy for about 2 minutes.
FINISH THE CUPCAKES:
Fill a piping bag fitted with a large star tip with the frosting. Pipe the frosting onto the cupcakes. Garnish with toasted coconut, pineapple triangles, maraschino cherries, and paper umbrellas.