That for your efforts so far. #1 is certainly our favourite at the moment, so we'd like you to stick with this format for some revisions.
Words and Cupcake position is spot on - don't change that at all. Cupcake Base - perhaps try adding a touch more detail to this, to differentiate from the main background colour a bit more? Font - we think this works nicely, however would like to see some alternatives just to check this is the best! Try something a bit more up market. Think http://www.harrods.com. Colours - Let yourself go here, don't restrict yourself to pastilles as per the original brief. 3 tones works really well.