Step 1: Prepare the Graham Cracker Crust. In a medium bowl, combine 1½ cups of graham cracker crumbs, ¼ cup of granulated sugar, and ½ cup (1 stick) of melted unsalted butter. Mix well until the crumbs are evenly moistened. Press the mixture firmly and evenly into the bottom and up the sides of a 9-inch pie plate. Place the crust in the refrigerator for at least 15-20 minutes to chill and firm up.
Step 2: Make the Peanut Butter Cream Cheese Filling. In a large mixing bowl, using an electric mixer, beat 8 ounces of softened full-fat cream cheese on medium speed until smooth and creamy, about 1-2 minutes. Scrape down the sides of the bowl.
Step 3: Add Peanut Butter. To the cream cheese, add 1 cup of creamy peanut butter. Beat on medium speed until fully combined and smooth, about 2-3 minutes.
Step 4: Incorporate Powdered Sugar. Gradually add 1¼ cups of powdered sugar to the peanut butter and cream cheese mixture, beating on low speed until incorporated, then increase to medium-high and beat until light and fluffy, about 2-3 minutes.
Step 5: Mix in Vanilla and Milk. Beat in 1 teaspoon of vanilla extract and ¼ cup of whole milk until just combined. Do not overmix.
Step 6: Prepare the Whipped Topping. In a separate, clean large mixing bowl, combine 1¾ cups of heavy cream, ¼ cup of powdered sugar, and ½ teaspoon of vanilla extract. Beat on high speed until stiff peaks form.
Step 7: Gently Fold in Whipped Topping. Carefully fold about half of the whipped topping into the peanut butter mixture until no streaks remain.
Step 8: Spread Filling into Crust. Spoon the entire peanut butter cream cheese filling into the chilled graham cracker crust. Spread it evenly to the edges.
Step 9: Top with Remaining Whipped Cream. Gently spread the remaining whipped topping over the peanut butter filling, creating soft peaks or swirls.
Step 10: Chill the Pie. Cover the pie loosely with plastic wrap and refrigerate for at least 4 hours, or preferably overnight, until thoroughly chilled and set.
Step 11: Garnish (Optional). Before serving, garnish with desired toppings like chocolate shavings or chopped peanuts.
Step 12: Slice and Serve. Use a sharp, warm knife to cut clean slices. Enjoy!