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In the bowl of a mixer fitted with a paddle attachment, beat the cream cheese and sugar until well blended. Beat in peanut butter and vanilla.
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Remove the bowl from the mixer and gently fold in whipped topping. Try not to deflate it too much but you want it fully incorporated.
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Use a rubber spatula to transfer the pie mixture to the pie crust. Refrigerate for at least 4 hours before serving. Top with whipped cream, if desired. Store in the refrigerator.