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Place sandwich cookies in a food processor and plus until finely chopped. Pour out into a large bowl and stir in the butter.
Pour the crumbs into a 9-inch springform baking pan with high sides. Press down on the crumbs to form an even crust. Freeze for 10 minutes.
Soften the strawberry ice cream in the fridge for about 15 minutes. Pour into the crust and spread evenly. Top with 1 cup jelly and spread into an even layer. Top with sliced bananas and freeze for 30 minutes.
Soften the peanut butter ice cream in the fridge for about 15 minutes. Pour over the jelly layer and spread out into an even layer. Freeze for at least 6 hours or until firm.
Dollop 1 1/2 cups whipped topping over the cake and smooth out evenly. Drizzle the top with the melted and cooled peanut butter. Transfer remaining 1 1/2 cups whipped topping to a piping bag fitted with a large star tip. Pipe a decorative border around the top of the pie and sprinkle over peanuts. Top with cherries and sprinkles before slicing and serving.