Preheat oven to 350 degrees. Line cupcake pan with 14 liners. Sift flour, baking powder, baking soda, and salt. Set aside.

In a mixer fitted with the paddle attachment, mix the butter, sugar, coconut milk, and rum on low speed for 2 minutes. Add eggs one at a time and mix well after each addition. Scrape bowl. Add the sour cream and dry ingredients alternately, beginning with cream and ending with the flour.

Scoop the batter into the cupcake liners, filling them just below the rim. (I use a 2-ounce ice cream scoop.) Bake for 16 to 17 minutes or until a toothpick comes out clean.

Sift the powdered sugar and set aside.

In a mixer fitted with the paddle attachment, beat the cream cheese, butter, and vanilla on medium speed until blended. Scrape down the sides of the bowl well and mix for another 2 minutes to ensure no lumps remain.

Add the powdered sugar all at once and beat on low speed just until sugar is incorporated. Then beat at high speed for 10 seconds. Scrape down sides well. Beat the mixture again on high speed for 10 seconds.

Frost the cupcakes with the cream cheese frosting, crumb the edges with the toasted coconut, and top with a caramelized baby pineapple and maraschino cherry.