Preheat and oven to 350 degrees. Line a 12 cup muffin tin with cupcake liners.
In a large bowl, combine the first four ingredients. In another large bowl combine the eggs, ricotta, coconut extract, melted butter, lime juice, and lime zest. Slowly combine the dry ingredients with the wet ingredients.
Next, using an ice cream scoop, scoop the batter into each muffin tin. (***You will have reserved batter to make additional muffins if desired***) Bake the muffins for about 20 minutes depending on your oven or until a toothpick inserted into the center comes out clean.
Remove the muffins from the oven and let it cool before topping with frosting, lime slice, and toasted coconut.
To make the frosting, in a stand mixer fitted with a paddle attachment cream together powdered sugar and unsalted butter. Next, stir in vanilla extract, coconut extract, and salt. The frosting will be thick. Gently pour in the milk and the remaining cup of powdered sugar. If the frosting is too thick, add more milk. If the frosting is too runny, add in more sugar until desired consistency.