STEP ONEHEAT oven to 325°F. Line 24 muffin cups with paper baking cups.
STEP TWOBEAT eggs, bananas, oil, water and vanilla in large bowl with electric mixer on medium speed until blended. Add pancake mix, sugar, cocoa and salt. Beat until smooth. Fill baking cups 2/3 full.
STEP THREEBAKE 18 to 20 minutes or until toothpick inserted in center comes out clean. Cool in pans 5 minutes. Remove from pans and cool completely on wire rack.
STEP FOURBEAT frosting, peanut butter and milk in medium bowl with electric mixer until blended. Spread on cooled cupcakes. Place coconut in small bowl. Dip frosted top of each cupcake in coconut to cover. Make a rounded indentation on the top of each cupcake, using the back of a small spoon, to form a nest. Arrange 5 to 6 jelly beans in each nest.