Place orange round candy sprinkles (nonpareils) in a small bowl. Using an offset spatula, spread a smooth layer of untinted buttercream over each cupcake. Dip each frosted cupcake in sprinkles, rolling it around to coat completely.
Cut 96 lengths (each about 3 inches) from licorice laces. Arrange three laces parallel to each other on each cupcake, one straight across the middle and the outer laces curved toward the edge. Lay a fourth piece in crosswise fashion over the other laces. Gently press licorice into frosting to adhere. Refrigerate 30 minutes to allow frosting to set.
Once decorated, cupcakes can be stored up to one day at room temperature in airtight containers.