To assemble: Preheat the oven to 350 degrees F and line one 12-cup standard muffin tin with paper cupcake liners.
Cut 1 1/2 inches from both ends of the hot dogs and reserve. Finely chop the remaining middle pieces and set aside.
In a large bowl, whisk together the flour, cornmeal, baking powder, 1 teaspoon dry mustard, salt and cayenne. In a medium bowl, whisk together the eggs, milk, oil and honey until smooth. Whisk the wet ingredients into the dry, and then stir in the chopped hot dogs. Divide the batter among the prepared muffin cups, filling each about three-quarters of the way full.
Skewer the reserved hot dog tips and place in the center of the cupcakes, leaning slightly askew.
Bake until the tops of the cupcakes are golden brown and spring back lightly when touched, about 20 minutes. Cool in the tin 10 minutes, and then transfer the cupcakes to a wire rack to cool completely.
In a small bowl, stir together the mayonnaise, yellow mustard and remaining 1/2 teaspoon dry mustard. Pipe a squiggle of the mixture over each cupcake.