Preheat oven to 350°F. Line and grease two muffin pans. Set aside.
Take cream cheese and butter out of the refrigerator, set on the counter and allow to come up to room temperature. You'll want these ingredients soft when you make the frosting later on.
In a large mixing bowl, stir together flour, baking powder, baking soda, salt and spices. Set aside.
In a separate bowl, whisk together eggs, canola oil, sugar, vanilla, buttermilk and grated carrot. Add wet ingredients to the dry ingredients and mix until just incorporated.
Scoop about ⅓ cup of batter into each muffin paper and bake cupcakes for 16-18 minutes or until a toothpick inserted into the center of the cupcakes comes out clean. Allow cupcakes to cool completely before frosting.
While the cupcakes cool, make the candied carrot ribbons. Using a vegetable peeler, cut long wide ribbons from one medium-sized carrot. Add carrot ribbons to a small saucepan, along with ½ cup of water and ½ cup of sugar. Bring to a boil and simmer for 5 minutes. Drain carrots and lay them on a rimmed baking sheet that has been lined with wax paper. Sprinkle three tablespoons of granulated sugar over the carrots while still wet. Toss with your hands to coat the carrot ribbons completely in sugar. Spread ribbons out on the pan and allow them to dry for at least 15 minutes.
Next, make the frosting by whisking the softened cream cheese and salted butter together with the vanilla, cinnamon and powdered sugar. Mix until the frosting is creamy and very smooth.
Using a knife or a pastry bag outfitted with a star attachment, spread the frosting over the cupcakes and top with the candied carrot ribbons. Enjoy!