Preheat the oven to 350°F (175°C) and line a muffin tin with cupcake liners.

In a mixing bowl, combine the pumpkin puree, sugar, and vegetable oil. Mix until well combined.

Add the eggs one at a time, mixing well after each addition.

In a separate bowl, whisk together the flour, baking soda, baking powder, cinnamon, nutmeg, and salt.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined.

Fill the cupcake liners about 2/3 full with the batter.

Bake for 18-20 minutes or until a toothpick inserted into the center comes out clean.

Allow the cupcakes to cool completely before frosting.

In a mixing bowl, beat the softened cream cheese and butter together until smooth.

Gradually add the powdered sugar and vanilla extract, mixing until creamy and smooth.

Frost the cooled cupcakes with the cream cheese frosting using a spatula or piping bag.