Preheat your oven to 350°F (175°C). Line a 12-cup muffin tin with paper liners and set aside. Make sure your eggs, cream cheese, and butter are at room temperature for the best results.

In a large bowl, whisk together the all-purpose flour, granulated sugar, baking powder, and salt until well combined. This ensures even distribution of your leavening agents.

In a separate medium bowl, whisk together the room temperature large eggs, vegetable oil, 0.5 cup of the unsweetened full-fat coconut milk, pineapple juice, and 1 teaspoon of the coconut extract until smooth.

Pour the wet ingredients into the dry ingredients. Mix with a rubber spatula or electric mixer on low speed just until no dry streaks of flour remain. Be careful not to overmix, as this can lead to tough cupcakes.

Divide the batter evenly among the 12 prepared muffin liners, filling each about two-thirds full. Bake for 18-22 minutes, or until a wooden skewer inserted into the center of a cupcake comes out clean. The tops should be lightly golden. Allow the cupcakes to cool in the muffin tin for 5 minutes before transferring them to a wire rack to cool completely.

In a large bowl with an electric mixer, beat the softened cream cheese and unsalted butter on medium speed until light and fluffy, about 2-3 minutes. Gradually add the powdered sugar, a cup at a time, mixing on low speed until combined, then increasing to medium speed. Add the remaining 1.5 teaspoons of coconut extract and 1-2 tablespoons of the reserved full-fat coconut milk (from the can, use less for a thicker frosting, more for a thinner consistency) and beat until smooth and creamy. If the frosting seems too thin, you can add a little more powdered sugar; if too thick, a touch more coconut milk.

Once the cupcakes are completely cool, frost them generously using a spatula or piping bag. For an extra touch, garnish with toasted shredded coconut and a maraschino cherry. Serve immediately and enjoy your taste of the tropics!