Preheat the oven to 350°F.
Line 12 muffin cups with paper liners and set aside.
Combine the sugar, oil, eggs, milk, and vanilla in a large bowl and beat at medium speed until well blended, about 2 minutes. Add the carrots and stir to combine. Scrape down the sides of the bowl if necessary.
In a separate bowl, whisk together the all-purpose flour, whole wheat flour, baking powder, and salt. At low speed, gradually beat the flour mixture into the liquid mixture until just combined.
Spoon the batter evenly into the prepared muffin cups. Bake for 20 minutes, or until a toothpick inserted in the center comes out clean. Transfer the pan to a wire rack and cool for 5 minutes. Remove the cupcakes and cool completely before frosting.
To make the frosting, beat the cream cheese and sugar at low speed until blended. Raise the speed to medium once the sugar is incorporated and continue to beat until creamy. Spread the frosting over the cupcakes and garnish as desired with a jelly bean, an M&M, sprinkles or nothing at all!
Tip: For a non cream cheese based frosting, whisk together 1 cup confectioners’ sugar and 1½ tablespoons lemon juice or 1 percent lowfat milk.