In a mixing bowl, combine the cream cheese and peanut butter and beat with an electric mixer until smooth. Sift the powdered sugar into the bowl and beat until smooth. Gently fold in the Cool Whip and all but 1 tablespoon of the mini chocolate chips.
Transfer to a serving dish. Cover and chill for at least 1 hour.
Top with the remaining chocolate chips and serve with your choice of dippers, such as graham crackers, sliced apples, butter cookies, etc.
Recipe Tips
The order of mixing matters here. Beating the cream cheese and peanut butter together until completely smooth before adding anything else is the most important step in the entire recipe. Any lumps at that stage will not smooth out once the powdered sugar and Cool Whip are added. Take an extra minute here and the rest of the recipe comes together effortlessly.Pressing plastic wrap directly against the surface of the dip before chilling prevents a skin from forming on top. This is especially important if you are making the dip the night before serving.If you are serving this at a party, consider setting the serving bowl inside a slightly larger bowl filled with ice to keep the dip cold and at its best texture throughout the event.