Just whip some nutella into your BC. It's really good and will go well with yout cupcakes. If you need it to stay white, you can add some Frangelico (hazelnut liqueur) to it. Vanilla would work of course as would chocolate. I wouldn't try to add a new flavor to the mix.
I don't think peanut butter will be right, but I'm only one person. That's the fun in baking.
I just suggested it because my kids like nutella and peanut butter on toast...but then again they'll eat alot of stuff I wouldn't touch 
I wonder if a mild banana flavored frosting would work. there's nothing like the banana nutella crepes with a bit of chocolate drizzle...ah Paris
I actually found quite a few recipes combining nutella with peanut butter. Also quite a few that combined them both with banana also which I think sounds heavenly. I think they all compliment each other. Competing to me would be nutella with lemon lime. Or I guess that could just be called a bad flavor combo 
But that's just my palette. I like strong flavors together.
These are sounding awfully delicious so I have to mark this thread. Nutella . . . never thought of it!
What about nutella and cream cheese? I tried it for the first time yesterday on a cake and it was AMAZING. I can't say I even thought of combining those two but it worked!
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