Preheat oven to 350 degrees.
Beat butter and granulated sugar at medium speed until creamy. Add eggs, one at a time, beating until blended.
Combine flour, baking powder and salt; add to butter mixture alternately with milk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in vanilla.
Spoon batter into two paper cup lined muffin tins filling two-thirds full.
Bake for 12-15 minutes or until toothpick inserted comes out clean. Cool in pans for 10 minutes and remove to wire racks to cool completely.
To make frosting: melt butter in heavy saucepan over medium heat. Add brown sugar; bring to a boil, stirring constantly.
Stir in evaporated milk, baking soda and light corn syrup; bring to a boil stirring occasionally. Remove from heat and let cool.
Transfer caramel mixture to a large bowl. Gradually add powdered sugar to caramel mixture; beating at medium speed until creamy.
Stir in maple flavoring. Beat at high speed for 2 minutes or until creamy. Icing firms up quickly, so use immediately.
Frost each cupcake using a metal tip and top with bacon.