Start with the sweet onion caramel drizzle first so it has time to cool to room temperature. Stir together granulated sugar and water in a saucepan.
Bring to a boil over medium high heat and cook without stirring until mixture turns a deep amber color.
Remove from heat and slowly add in cream until very smooth.
Add the miso paste and stir until fully combined. Stir in the onion powder.
Let caramel cool for about 20 minutes, until it is just barely warm and still pourable.
The caramel can be made ahead and kept in the fridge. Bring it to room temperature before drizzling.
For the candied bacon, heat the oven to 400 degrees Fahrenheit. Line a jellyroll pan with aluminum foil and set a wire cooling rack on the foil. Set aside.
Place 3 strips of bacon in a quart-sized self-sealing bag (I found this reduced mess) along with 2 tbsp of brown sugar. Massage the sugar onto the bacon. Remove from the bag and stretch out along the cooling rack on the pan.
Once all the bacon is in place, sprinkle on 1 tbsp of brown sugar. Place in the oven and bake for 10-15 minutes.
Remove from the oven, flip over the bacon and sprinkle on the last tbsp of brown sugar. (Note: My foil was a mess at this point and I ended up having to replace it mid-way through the second baking due to a smoky kitchen--from the dripping sugar and fat, not burning bacon--so my suggestion is to also replace the foil at this point).
Place back in the oven for an additional 10-15 minutes. I found that I got some nice crispy ends, that, while looked very dark, did not taste burned.
Once cooled (this surprisingly does not take long), crumble the bacon and set aside.
For the cupcakes, heat the oven to 350 degrees Fahrenheit.
Sift the flour, and combine with the baking powder, salt, cayenne and black pepper. Set aside.
Cream together the butter and sugar in a mixing bowl until light and fluffy. Add the egg.
Add the vodka to the Bloody Mary mix and stir to combine.
Alternate the flour mixture and Bloody Mary and mix until combined.
Divide the batter between wrappers in mini cupcake tins and bake for 10-12 minutes. Cool on a wire rack completely before frosting.
For the frosting, beat the butter until light and fluffy. Add the sugar, beating until combined.
Add the wasabi paste and continue to whip, adding the 1 tbsp of cream as necessary to improve the texture, which should be light and creamy.
To assemble, pipe a dollop of frosting on each cupcake. If using the bacon, sprinkle some on, and then finish with a drizzle of the sweet onion caramel sauce.