For the cupcakes:
Preheat your oven to 375°F.
Add all the dry ingredients to a large bowl and whisk thoroughly.
Add all the wet ingredients and whisk thoroughly again until the flour is fully incorporated.
Use a large ice cream scoop to fill a 12-cup muffin tin.
Bake until the tip of a sharp knife inserted in two or three of cupcakes comes out clean, about 30 minutes.
Let them cool completely.
While the cupcakes are cooling, make the frosting:
In a large bowl or stand mixer, whisk together the mascarpone, olive oil, milk, and extracts until smooth.
Beat in the sugar, a cup at a time, until the frosting reaches a spreadable consistency, adding more in 1/4 cup increments if needed.
Chill briefly.
When the cupcakes are completely cool, spread on the frosting.