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Combine butter, peanut butter, honey, salt, and vanilla in the bowl of a stand mixer fitted with a paddle attachment. Mix on medium speed until creamy and pale, about 3 minutes, then reduce speed to low and sprinkle in powdered sugar, a little at a time. After the last addition, increase speed to medium and continue beating until creamy and light, about 3 minutes. Scrape bowl and beater with a flexible spatula, then continue beating a minute more. If you like, adjust to taste with more vanilla or salt. Use immediately. Frosted desserts will keep up to 1 week at room temperature. Featured Video