Bake your cupcakes according to package or recipe directions and allow them to cool completely.
In a stand mixer, beat the sugar, butter, milk, and vanilla on medium speed and gradually increase to high. Beat until a semi-stiff consistency has formed.
Ice each one of your cupcakes with a frosting bag.
Line a baking sheet with wax paper and start rolling out the fondant into small 1/4 inch spheres. Then roll them into cylinders with rounded ends - these will be your "hot dogs".
Start kneading each caramel candy and flatten each one to be 1 inch in diameter - it will act as your "hot dog bun".
Then, place your "hot dog" in the center of your flattened caramel candy and wrap it to look just like a hot dog. Decorate the top with red and yellow frosting to look like ketchup and mustard and place on top of each cupcake.
*Nutritional information is a calculated guesstimate. Please note that this can change with different brands and modifications you may make to the recipe. For the most accurate information, use a nutritional calculator with the exact brands and measurements you're using with each recipe.