In a large mixing bowl, mix together the cake mix, oil, apple juice, chunky applesauce, and 1/2 cup caramel apple dip until well blended.
Add the eggs one at a time mixing well after each. Mix in cinnamon.
Fill cupcake liners 2/3 full and bake until toothpick inserted comes out clean, about 20-25 minutes. Let cool before frosting.
Frosting:
In large mixing bowl cream together the butter, cream cheese and rest of the caramel apple dip until fluffy. Add powdered sugar one cup at a time and blend well.
Pipe frosting onto cupcake.
Top with crushed walnuts, and/or drizzled caramel.