Preheat oven to 350 degrees (F). Line a cupcake tin with paper liners. Set aside.

In the bowl of a stand mixer, add the butter and sugar together and beat on medium speed until light and creamy, about 3 minutes.

Beat in the eggs, then add the vanilla and horchata extracts. Mix well, scraping down the sides of the bowl as necessary.

In a medium-sized bowl, sift together the flour, baking powder, baking soda, salt, and cinnamon until well combined.

Alternating the flour with the horchata in 3 additions, stir into the butter and sugar mixture. Avoid overmixing.

Divide between the prepared cupcake tin cups. Bake for 18 to 20 minutes, or until a wooden skewer inserted into the center comes out mostly clean. A few moist crumbs clinging to the skewer are fine.

Remove from the oven and allow to cool for 5 minutes in the cupcake tin then remove to a wire rack to cool completely before frosting.

In the bowl of a stand mixer, beat the cream cheese and butter until completely smooth and creamy on medium speed, about 3 minutes.

Lower the speed and slowly add the confectioners’ sugar. Mix until combined, scraping down the bowl as necessary.

Add the horchata, cinnamon, salt, and horchata extract and beat on medium-high speed until fluffy, 3 to 5 minutes.

Transfer to a piping bag fitted with a large open-star tip. Pipe frosting onto completely cooled cupcakes.

Store in the refrigerator until an hour before serving.