Place 18 paper baking cups in a muffin pans. Combine all the cupcake ingredients, except the chocolate chips, in a large bowl and beat with an electric mixer until smooth, about 2-3 minutes. Fold in the chocolate chips.
Spoon batter into cups. Bake for 20 minutes. Remove pans from the oven and cool for 5 minutes. Then remove the cupcakes and cool on a rack.
To make frosting, blend all ingredients together in a food processor or combine in a large bowl and mix with an electric mixer until thoroughly combined. Spread the frosting on the cooled cupcakes.