...We were told it was the "new Magnolia's." Butter Lane is a small cupcakery in the East Village that was voted best new bakery last year. According to the chalkboard, the banana cupcake paired with peanut butter frosting is a big favorite. Since they bake fresh, no banana cake was available when Jon and I walked in :( At Butter Lane, you pick your cupcake and choose your own frosting to match. I went for a chocolate cake with peanut butter frosting; so me.