Preheat your oven to 350 degrees, and line a 12-cup muffin tin with paper cupcake liners. Set aside.

In a large bowl, whisk together the sugar, melted butter, and canola oil until well combined. Whisk in the egg and vanilla extract until just combined. In a medium bowl, whisk together the flour, salt, baking powder, and baking soda. In a small bowl, whisk together the buttermilk and malted milk powder.

Add about 1/3 of the dry ingredients to the butter/sugar mixture and stir until just mixed through. Add in about 1/2 of the milk mixture, and stir to combined. Repeat this alternating mixing until everything has been mixed through.

Scoop your batter into your prepared cupcake liners. The batter will come pretty close to the top of each cupcake cup, but don't worry, that's how it's supposed to be! You should get 12 cupcakes from this batter. Bake the cupcakes for 16-18 minutes, or until a toothpick inserted into a cupcake comes out clean. Cool the cupcakes for 10 minutes in the pan, and then transfer them to a wire rack to cool completely.

In a small saucepan, stir together the flour, malted milk powder, and milk and cook this mixture over medium heat until you have a very thick paste. It should take about 5 minutes, whisking constantly to avoid lumps. This mixture needs to cool completely to room temperature before moving on- don’t skip the cooling process! It’s important.

In a large bowl or the bowl of a stand mixer, beat together the butter and sugar for about 10 minutes, or until the mixture is extremely fluffy and lightened in color. Add in the completely cooled flour paste mixture, and whip for 5-10 minutes, or until you have a very light, fluffy frosting mixture. Beat in the salt and vanilla extract until well combined, and then frost your cake as desired. Optionally, dust the cupcakes with a little bit more malted milk powder. Enjoy!