Heat oven to 450°F. Prepare pie crust according to package directions for unfilled one-crust pie using a 9-inch pie pan. (Refrigerate remaining crust for a later use.) Gently press 1 cup peanuts into bottom and up sides of crust. Prick crust with fork. Bake at 450°F. for 10 to 14 minutes or until light golden brown. Cool. Sprinkle with 1/2 cup chocolate chips.
In medium bowl, beat whipping cream, 1/4 cup powdered sugar and vanilla until soft peaks form; set aside. In large bowl, beat cream cheese and peanut butter until light and fluffy. Add 1 cup powdered sugar and milk; beat until smooth and creamy. Fold in 1 1/2 cups of the whipped cream. Spoon into cooled pie crust; spread evenly. Refrigerate at least 4 hours before serving.
Garnish with remaining whipped cream; sprinkle with topping. Store in refrigerator.