Pre-heat oven to 350 degrees and line two cupcake tins with cupcake papers.
In the bowl of a stand mixer or in a large bowl with a hand mixer, cream together butter and sugar until light and fluffy, 2-3 minutes.
In a medium bowl, whisk together flour, baking powder, and salt.
Mix the dry ingredients into the mixer with the wet ingredients, alternating with the eggnog, until just combined. The batter will be quite thick, but take care not to over-mix.
In another separate large bowl, beat the egg whites with a hand mixer (can also use a stand mixer or a whisk and a lot of arm strength!) until stiff peaks form.
Fold the egg whites into the cupcake batter. Make sure to fold well so egg whites are completely incorporated.
Fill cupcake tins with batter ¾ of the way to the top and then press a little chocolate peanut butter cup into the batter. Smooth batter over the top of the candy.
Bake for 18-20 minutes, until cupcakes are beginning to turn golden around edges. Let cupcakes cool in pan for a few minutes before moving to rack to cool completely.
Once cupcakes are completely cool, frost with eggnog frosting and top with decorations and a little straw if desired.