Arrange 14 cupcakes in a tight circle on a platter or cake board for the body and 7 cupcakes in a smaller tight circle for the head. Add 2 cupcakes for the scarf.
Using a small serrated knife, cut 7 chocolate wafer cookies in half; spread frosting on the back and arrange around the edge of the cupcake circles as shown to round out the shape.
Cut 6 more cookies into quarters. Spread frosting on the back, then use to fill in the gaps between the cupcakes.
Transfer the remaining frosting to a piping bag with a 1/2-inch round tip. Pipe dots of varying size all over the cupcakes and cookies to cover completely. Add chocolate candies for eyes and buttons and trim a circus peanut for the nose. Roll out the fondant until 1/4 inch thick; trim into 2 strips for the scarf and fringe the ends. Place on the snowman.