The Black Eyed Cupcake (a.k.a. Black Eyed Unicorn) is a sexual position where one party (usually the female) is kneeling below a seated male with his legs spread eagle. This orientation facilitates the action of licking his asshole while jerking him off.
The 'cupcake' is a subtle reference to the males release of 'icing' as he achieves climax. In addition, the scrotum and erect penis resemble the base of a cupcake with a candle on top.
Rachel Ray is going to love giving me a Black Eyed Cupcake tonight.