Heat oven to 350° Fahrenheit. Grease 18 muffin cups or line muffin pan with cupcake papers.
In a large bowl, stir together flour, sugar, instant butterscotch pudding mix, instant vanilla pudding mix, baking powder, salt, and cinnamon.
In a separate bowl, whisk together eggs, oil, water, and pure vanilla extract.
Gently stir the egg mixture into the flour mixture just until combined with some flecks of flour still visible. Stir in cinnamon chips.
Scoop muffin batter into cups about 2/3 full. Spray tops of muffins lightly with cooking spray. Bake at 350° Fahrenheit 20-25 minutes or until toothpick inserted in the middle comes out clean. Cool on wire rack. Store in airtight container up to 3 days or freeze up to 3 months.