Preheat oven to 350°F and line cupcake pans with paper liners.
In a large bowl, mix cake mix, eggs, oil, and buttermilk until smooth.
Gently fold in M&Ms, being careful not to overmix.
Fill cupcake liners 2/3 full with batter and bake for 15–20 minutes or until a toothpick comes out clean.
Let cupcakes cool completely before frosting.
To make the frosting, beat softened butter and peanut butter until creamy.
Add powdered sugar gradually and mix until well combined.
Add milk as needed for desired consistency.
Frost cooled cupcakes and top with additional M&Ms.