Preheat oven to 350 and line 24 muffin tins with paper muffin cups. Set aside.
Beat together cake mix, gelatin, water, oil, lime juice, eggs and food coloring.
Beat on low to combine ingredients and then on high for 2 minutes until smooth.
Using a 3 tablespoon portion scoop, scoop batter into prepared muffin cups.
Bake for 20-22 minutes or until toothpick inserted in the center comes out clean. Cool in pan for 10 minutes before glazing. Using a wood skewer, poke 5-6 holes into each cupcake. Mix together glaze ingredients until thin enough to drizzle.
Drizzle glaze on top of each cupcake. Let stand to cool completely before icing.
Add cream cheese and butter to a mixing bowl and beat together.
Add lime juice and powdered sugar and beat well for 2-3 minutes or until fluffy and icing consistency.
Place icing in a pastry bag fitted with a large tip and pipe icing onto each cupcake.
Top with grated lime peels if desired.