Using a piping bag, pipe frosting evenly onto all the cupcakes. Then transfer them to the serving plate or platter of your choice.
Cut the candy apart into individual ropes, sort the strands by color, and then chop them into 2-3" strands for the tassels.
Add one peanut butter cup to the top of each frosted cupcake, setting it down upside down and making sure it's centered as best as possible. Gently press, just barely pressing, it in to make sure it's glued in place.
Squeeze a dab of the decorating gel/frosting onto the top of each peanut butter cup bottom. Then set a chocolate square (again upside down) on top, centering it as best as possible. This will finish creating the actual cap.
Add another dab of the decorating gel/frosting to the center of the chocolate square, then place both one piece of candy tassel and a coordinating m & m candy gently into it to 'glue' it to the top of the cap.
Refrigerate the cupcakes for 5-10 minutes to allow the 'glue' on the decorative toppers to set.
Serve, and enjoy!
