Preheat oven to 350 degrees F. Add cupcake liners to two 12-serving cupcake pans and set aside.
In your electric mixer using the paddle attachment, blend sugar, molasses, butter, and eggs.
In a medium mixing bowl, whisk flour, baking soda, salt, cinnamon, ginger, and clove until well incorporated.
Add dry ingredients to wet ingredients and blend until well incorporated.
Add milk to batter and blend until smooth.
Scoop cupcake batter into cupcake liners and bake for 15-20 minutes.
Remove cupcakes from the oven and place on a wire cooling rack to cool completely.
For the frosting, whip butter and cream cheese with a stand mixer.
Add the eggnog and powdered sugar, 2 cups at a time, and whip until you reach desired consistency.
Add frosting to a piping bag with a 1M piping tip and frost the cupcakes. You can also just apply the frosting with an offset spatula or butter knife.
Keep leftovers in the refrigerator until ready to enjoy.