Preheat oven to 350 degrees F. Line 24 muffin cups with paper liners.
With an electric mixer on low speed, beat the cake mix, egg substitute, applesauce, and buttermilk in a large bowl until blended. Increase the speed to medium and beat until smooth, about 2 minutes. With a rubber spatula, stir in the carrots, pineapple, currants, and 1/4 cup of the pecans.
Spoon the batter evenly into the prepared muffing cups. Bake until a toothpick inserted into the center of a cupcake comes out clean, about 20 minutes. Let cool in the pans on a wire rack 10 minutes; remove the cupcakes from the pans and let cool on the racks.
To make the frosting, with an electric mixer on low speed, beat the cream cheese in a medium bowl until smooth. Add the confectioner's sugar and beat until smooth. spread about 2 teaspoons of the frosting on each cupcake and sprinkle with 1/2 teaspoons of the remaining pecans.