Place a large loaf pan in the freezer while preparing the ice cream mixture. A cold pan helps the ice cream freeze more quickly.
In a medium bowl combine the sweetened condensed milk, whole milk, peanut butter and vanilla. Whisk until blended.
Pour the cream in a large chilled bowl. Using an electric mixer beat the cream on low until it starts to thicken. Increase the speed to high and beat until stiff (not dry) peaks form.
Gently fold the peanut butter mixture into the whipped cream until combined. Don’t overmix or you may deflate the whipped cream.
Dollop ⅓ of the ice cream mixture into the frozen loaf pan. Drizzle ⅓ of the chocolate sauce over the ice cream, then sprinkle ⅓ of the chopped peanuts over the chocolate sauce.
Repeat with ½ of the remaining ice cream mixture, chocolate sauce and peanuts. Top with the remaining peanut butter ice cream and chocolate sauce. Gently swirl the ice cream with a table knife or skewer. Sprinkle the remaining peanuts on top. Freeze until set making sure the pan is level. Once frozen, cover in plastic wrap to seal. Ice cream will be firm in about 6 hours.
Serve topped with additional chocolate sauce and / or chopped peanuts, if desired.
Freeze your bowl and beaters before whipping the cream for big pillowy soft whipped cream.