Using a mixer, beat the butter until creamy.
At low speed, beat in the confectioners' sugar.
Increase the speed to high and beat until fluffy, scraping down the side of the bowl, about 2 minutes longer.
At low speed, beat in the cream, vanilla, cinnamon, ancho chile powder and cayenne.
Gradually beat in the bittersweet chocolate. Scrape down the sides of the bowl.
Increase the speed to medium-high and beat until light, 3 minutes longer.