id go for just fondant. maybe shined up with crisco, steam, or confectioners glaze.
xx
i have the 'hello cupcake book' & they show this look being achieved by melting canned frosting (i'd guess chocolate w/added black coloring) & then dipping the cuppie in it...
This cupcake is made by Kelly Cope, Cork Ireland and from memory I am sure it is fondant
http://www.flickr.com/photos/craftyconfections/2912221126/in/set-72157606110236573/
She does a lovely red version as well
http://www.flickr.com/photos/craftyconfections/3353678611/
and here is an 'autopsy' 0f the cake - showing the IMBC and fondant layers.
http://www.flickr.com/photos/craftyconfections/3353680689/in/photostream/
We have a product here in Australia called Cristaline which is like a piping gel that is used to get this shiny finish
Here is a recipe for edible varnish that might work.
http://www.cakecentral.com/cake_recipe-7292-Edible-Varnish.html
Thanks Pam! 
That is my cupcake, and I got the shine on it by painting the sugarpaste (rolled fondant) with confectioners glaze. That picture shows the first one of those cakes that I did, just as a trial. I have made these several times since, in various versions, and no longer bother with varnishing them, I don't think it is necessary, and they still look just as effective!
Thank you everyone for your replies.
Thanks Pam!
That is my cupcake, and I got the shine on it by painting the sugarpaste (rolled fondant) with confectioners glaze. That picture shows the first one of those cakes that I did, just as a trial. I have made these several times since, in various versions, and no longer bother with varnishing them, I don't think it is necessary, and they still look just as effective!
Kelly75, I hope you wouldn't mind me copying your cute cupcakes, I had no idea they were yours, the customer send them to me.
Do you mind telling me how you made the sugarpaste so close to the cupcake paper?
What's confectioner glaze? can I use piping gel instead?
Thanks a lot.
I don't mind at all!
It's just a matter of cutting a circle of fondant to the right size (trial and error with circle cutters!), placing it over the cupcake (I put buttecream on my cupcake first, then lay the fondant circle on top), then use the plam of your hand to smooth into place without stretching and distorting it.
Thanks Kelley. Do you think I can try Piping Gel for the shine?
You could try, but I'd imagine it would make the cupcake very stciky and unpleasant - not to mention messy! - to eat!
Confectioners glaze is an edible varnish, though I just did a quick search and it appears that it's not classed as edible in the US! http://www.countrykitchensa.com/catalog/product.aspx?T=2&ShopId=39&CatId=593&SubCatId=778&productId=617859
When I need to get a shine on my fondant I mix some blk coloring with a little bit of vodka.. make a little paint .. so to speak ... then just use a small brush and paint it on. I just did Minnie Mouse ears and the gumpaste faded so I did the mix and painted and let it dry. You get a great shine. The ears are in my pics if you want to see
HTH,
Kim
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