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Willie Mullins has turned the tables on Gordon Elliott in spectacular fashion at Punchestown and is now favourite to claim a 12th Irish trainers' championship.

Willie Mullins has sent out six winners including a Grade One treble at Punchestown to hit the front in his bid for a 12th Irish trainers' championship.

Mullins started the Puncestown Festival 521,413 euro ($A839,000) behind Gordon Elliott with his rival in front after the first day on Tuesday.

Mullins promised he would not give up his crown without a fight and roared back in scarcely believable fashion, highlighted by a one-two in the Punchestown Gold Cup, and at the end second day he led by 48,161 euro.

Djakadam jumped superbly in front under the trainer's son, Patrick, but ultimately had to make do with minor honours in the Gold Cup behind 4-1 Bellshill, the mount of the his nephew, David Mullins.

With the Mullins-trained Killultagh Vic also fifth, the trainer earned well over 200,000 euro in the race and in doing so reduced Elliott's lead to 112,339 euro.

"It's like fantasy racing," Mullins said.

"We've got a tremendous bunch of owners, a tremendous bunch of jockeys and I've tremendous stable staff so we're delighted. Days like this put it all together.

"We'd a tremendous day yesterday, but it's a really really tremendous day today."

"It's an extraordinary day. I don't think I'll get out of my local tonight!"