Preheat oven to 350 degrees F. Line two cupcake pans with cupcake liners.
Spread pecans on baking sheet and toast for about 6 minutes or until they become aromatic. Remove from oven and roughly chop into pieces.
In a medium bowl, whisk together dry ingredients: flour, baking powder, soda, salt, and spices.
In a bowl attached to a stand mixer (or with a hand mixer), cream together sugar, molasses, oil, and eggs until well blended, about 2 minutes. With mixer on low speed, add dry ingredients until just combined. Stir in carrots and pecans.
With a large scoop, divide batter evenly among paper lined pan, filling till about 2/3 full. Bake for 20 minutes or until a toothpick inserted in middle comes out clean. Transfer pans to cooling rack and allow to cool completely.
In a bowl attached to a stand mixer, cream together the butter, cream cheese, vanilla extract and confectioners’ sugar until light and fluffy, about 3-4 minutes. I used a piping bag and tip to frost my cupcakes but feel free to simply spread on with spatula. Add additional pecan pieces to tops of cupcakes. Store in airtight container.