Combine butter, cream cheese, vanilla extract and peanut butter in a bowl using a hand mixer or stand mixer. Mix well.
Stir in the chocolate chips, cover and freeze the dough for about 10 minutes.
Remove the bowl from the freezer and use a spoon or ice cream scoopers to scoop the cookie dough onto a wax paper, lined tray. Freeze for 20 to 30 minutes or until frozen.