Step 1

Preparation 1. Heat oven to 350 °F. Place vanilla wafer crumbs in a medium bowl. Pour over the melted butter and stir to combine. Divide equally into two 9-inch pie tins. Press mixture onto bottom and up sides of pie dish. Transfer to oven and bake until golden brown, 10 to 15 minutes. Remove to a rack to cool completely.

Step 2

2. In the bowl of an electric mixer fitted with the paddle attachment combine the cream cheese, peanut butter, and condensed milk. Mix until smooth. Add confectioner’s sugar. Using a large rubber spatula fold in 3 cups Cool Whip. Pour mixture into cooled pie shells. Decorate cake as desired with more cool whip. Garnish with chocolate shavings and peanuts. Refrigerate or freeze until firm.