Preheat oven to 350°F. Prepare mini muffin pan with paper liners.
In small bowl, combine flour, baking powder and salt.
In medium bowl, beat butter and brown sugar with electric mixer until light and fluffy. Add egg and vanilla; mix well. Add flour mixture alternately with milk; blend until just combined. Fold in caramel topping and chocolate chips. Fill muffin cups 2/3 full.
Bake 13-15 minutes or until toothpick inserted in center comes out clean. Remove cupcakes from pan; cool completely on cooling grid before icing.
For icing, beat butter and shortening in medium bowl with electric mixer. Add ice cream topping and vanilla. Gradually add sugar, beating well on medium speed until smooth. Scrape sides and bottom of bowl often. Ice cupcakes and garnish with additional chocolate chips.