1. Preheat oven to 350 degrees F (180 degrees C) and place rack in the center of the oven. Line 20 regular-sized muffin cups with paper liners or spray each cup with a non stick vegetable spray.
2. In a large bowl whisk together the sugar, flour, cocoa powder, baking powder, baking soda, and salt.
3. In another large bowl, whisk together the eggs, mashed bananas, water, milk, oil, and vanilla extract. Add the wet ingredients to the dry ingredients and stir, or whisk, until combined. Pour or scoop the batter into the muffin cups, filling almost full, and bake for about 20 to 25 minutes or until a toothpick inserted in the center of a cupcake comes out clean.
4. (**Don’t be alarmed – the batter is pretty thin, but it turns out well!)
5. Remove from oven and let cool on a wire rack.

To Make Frosting:

1. In a medium bowl, blend together cream cheese, butter, and vanilla. Gradually add powdered sugar, mixing well until it’s all incorporated. Use immediately. The frosting will harden in the fridge, so plan on bring it back to room temperature if you must refrigerate it before frosting the cupcakes.