Preheat your oven to 350°F (175°C) and line a cupcake tin with paper liners.
In a large bowl, sift together the flour, cocoa powder, sugar, baking powder, baking soda, and salt.
Add the oil, buttermilk, egg, and vanilla extract to the dry ingredients. Mix until well combined.
Slowly add the hot water or coffee to the batter, mixing until smooth.
Divide the batter evenly among the cupcake liners, filling each about 2/3 full.
Bake for 18-20 minutes or until a toothpick inserted into the center comes out clean.
Let the cupcakes cool completely on a wire rack.
Prepare the Peanut Butter Frosting:
In a medium bowl, beat the softened butter and peanut butter until creamy.
Gradually add the powdered sugar, one cup at a time, mixing until smooth.
Add heavy cream as needed to achieve a smooth, spreadable consistency.
Prepare the Chocolate Frosting:
In a separate bowl, beat the softened butter until creamy.
Sift in the cocoa powder and powdered sugar, mixing until smooth.
Add the vanilla extract and heavy cream, beating until the frosting is light and fluffy.
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