In a large bowl, beat softened cream cheese and powdered sugar until light and fluffy.
Add peanut butter and vanilla, and beat until smooth.
Gently fold in whipped topping and mini chocolate chips until just combined. Do not overmix.
Transfer mixture to a pie dish or 8x8-inch dish and smooth the top.
Pour magic shell over the top and gently spread with the back of a spoon to cover evenly.
Refrigerate for 30–40 minutes until the chocolate is set.
Serve chilled with pretzels, vanilla wafers, or sliced fruit.
Notes
Be sure to use softened cream cheese and thawed whipped topping for the best consistency. For a crunchier texture, sprinkle with chopped peanuts or Reese's pieces.