I did this all for a local friend's Birthday (5/3) because I thought I should do something nice, since I didn't have the money to go out and buy him exactly what he wanted.

The Cupcakes (base) are Orange Chiffon, the frosting is Cream Cheese, half of it colored black (This took the entirety of the jar of gel coloring. The horror.) The ears are chocolate covered cheerios (Which I made by tempering chocolate in a metal bowl above a pot with about an inch of water in the bottom, and then taking two spoons, scooping chocolate into one and moving the cheerio around with the other one) which are an abomination unto god. (Seriously, if you do it, don't eat them. D=)

The eyes are chocolate chips, tips pushed in. The noses are chocolate covered peanuts/raisins. Underneath the noses and the frosting is a single mini marshmallow on each one. To the right, or middle (First 2 and last picture, respectively), is a jar of orange curd I made using the leftover yolks from the cupcakes.

In whole the project took: about 12 hours, about half of which were spent nursing myself from stupid things I did before baking, and after baking but before decorating, so about 5 or 6 hours of actual work. The total supplies used: 20 cheerios, 10 cupcakes, 10 mini cupcakes, 40 chocolate chips (20 for eyes, 20 melted for the cheerios), 10 chocolate covered peanuts/raisins, and 1 can of Cream Cheese frosting.

For records sake, the first review I was given and the first review I gave of it follow:
"They look demented"
"I'm making pandas. They're sad because I suck."

Part 2: http://www.furaffinity.net/view/2252229