Add the butterscotch beer or cream soda to a large pot. Simmer over medium heat until it reduces to ½ cup. This usually takes around 20-30 minutes. Remove from the heat and let it cool until it's just slightly warm to the touch before using in the cupcakes.

Preheat oven to 350 degrees. Line 2 standard cupcake pans, or one large 24 cup capacity pan, with liners. Set aside.

In a medium bowl whisk together the flour, baking powder, baking soda and salt. Set aside.

In a large bowl cream the butter, brown sugar and granulated white sugar together with an electric mixer, or a stand mixer, for 1-2 minutes or until fluffy.

Add in the eggs, vanilla and butter extract and mix until pale in color, about 1-2 minutes.

Add in the butterbeer reduction and melted and slightly cooled butterscotch chips. Mix until combined.

Add in the dry ingredients and buttermilk a little at a time until everything is combined. Mix until the batter is smooth.

Divide the batter evenly between the 24 liners, each should be about ⅔ way full.

Bake the cupcakes for 14-18 minutes or until a toothpick comes out clean from the centers. (They will bake quickly.)

Let the cupcakes cool in the pan(s) for 5 minutes, then transfer them to a cooling rack to completely cool.

Add the softened unsalted butter to a large bowl. Whip the butter with an electric mixer until pale in color and fluffy, around 5-10 minutes.

Add in the melted and slightly cooled butterscotch chips and combine. (The chips should be completely melted but just slightly warm to the touch.)

Add in the powdered sugar a cup at a time or so and mix until combined.

Lastly add in the butter extract and vanilla and mix the frosting until light and fluffy, about one more minute.

Add the butterscotch chips and heavy cream to a microwave safe bowl.

Microwave for 30-45 seconds. Stir to combine the cream and melted butterscotch chips. (Microwave a few seconds longer if needed to completely melt together.)

Then mix in the honey.

If the ganache gets too cold before using, microwave it for 5-10 seconds to melt it slightly.

Once the cupcakes are completely cooled add the butterscotch buttercream to a large piping bag fitted with a decorative tip.

Pipe a generous amount of frosting onto each cupcake and drizzle the butterscotch ganache over each.