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An exerpt from the MB Peeps Cookbook:

Spice Cake with Caramel Frosting
Submitted by: Heather “Nuwanda” Forbes

Ingredients for Cake:
¼ lb butter (115 g)
1 cup sugar
½ cup dark brown sugar
4 eggs
½ cup milk
½ cup molasses
2 ¼ cups flour
1 teaspoon salt
½ teaspoon baking soda
2 teaspoon cinnamon
¼ teaspoon cloves
¼ teaspoon nutmeg
1/8 teaspoon cayenne pepper

Directions:
Preheat oven to 350°° F. Butter and lightly flour cake pans. Cream butter and slowly add the 2 sugars, beating until light and fluffy. Beat in the eggs, and then add milk and molasses, beating thoroughly.

Mix together dry ingredients and add to mixture, beating till well blended. Bake for about 30 minutes. Test with a toothpick. Cool for 5 minutes, and then turn onto wire rack to cool.

Caramel Frosting:

Ingredients:
¼ lb butter (115 g)
½ cup dark brown sugar
¼ cup milk
2 cups confectioner's sugar

Directions:
Melt butter and brown sugar in heavy saucepan, stirring over moderate heat until sugar is dissolved. Add milk and blend. Remove from heat. When cool, beat in confectioner’s sugar until thick enough to spread. Makes enough to frost a 2 layer 8-inch round cake, or one large pan. If using one large pan, be sure to adjust the cooking time accordingly.