Preheat oven to 350°F. In a large bowl combine flour, baking powder, cinnamon, baking soda, and salt.
In a medium bowl combine eggs, pumpkin, granulated sugar, and oil. Add all at once to flour mixture; stir just until moistened. Fold in raisins.
Line fifteen 2-1/2-inch muffin cups with paper bake cups. Spoon batter into prepared muffin cups, filling each about two-thirds full.
Bake for 15 to 18 minutes or until toothpick inserted near centers comes out clean. Cool in muffin cups on wire rack for 5 minutes. Remove from muffin cups. Cool completely on wire rack.
In a large mixing bowl beat butter and cream cheese with an electric mixer on medium to high speed until light and fluffy. Add vanilla; beat until combined. Gradually add powdered sugar and beat until smooth. Add enough powdered sugar to reach a piping consistency.
Divide frosting between 3 small bowls. Color one bowl of frosting blue, one yellow, and one pink. Snip a 1/2-inch corner from a large resealable plastic bag. Insert an open star tip into the open corner. Layer about 1/4 cup blue frosting, 1/4 cup yellow frosting, and 1/4 cup pink frosting into the corner of the bag. Continue layering with any remaining frosting. Pipe frosting over cupcakes in round swirls.