In a large mixing bowl, combine the peanut butter and powdered sugar. Mix until well combined and smooth.
In a separate bowl, whip the heavy cream and vanilla extract until soft peaks form.
Gently fold the whipped cream into the peanut butter mixture until fully incorporated. Be careful not to deflate the whipped cream.
If using, fold in the mini chocolate chips for added texture and flavor.
Transfer the mixture to a serving dish or individual cups.
Chill in the refrigerator for at least 1 hour before serving to allow the flavors to meld.
Serve with graham crackers or fresh fruit for dipping.