Start by placing the 8 oz of cream cheese (or vegan cream cheese) and 1/4 cup of peanut butter in a large mixing bowl. Using an electric mixer, beat the mixture until it’s smooth and creamy. This should take about 1-2 minutes.
Gradually add in the 2 cups of powdered sugar, mixing on low speed to avoid a cloud of sugar. Once incorporated, increase the speed to medium and mix until fully combined. The mixture should be thick and fluffy.
Pour in the 3/4 tsp of pure vanilla extract and mix again until everything is well blended.
Gently fold in the 1/2 cup of mini chocolate chips (or sprinkles) using a spatula. This will ensure the chocolate chips are evenly distributed throughout.
Lay a large piece of plastic wrap on your countertop. Spoon the mixture onto the center of the plastic wrap and use the wrap to help shape the mixture into a ball. Twist the ends tightly to secure the shape.
Place the wrapped cheese ball in the refrigerator for at least 2 hours or until firm. This chilling step is crucial as it helps the cheese ball hold its shape.
Once chilled, unwrap the cheese ball and place it on a serving platter. You can roll it in additional chocolate chips or sprinkles for extra flair. Serve with graham crackers, fruit, or pretzels for a delightful pairing.