In a large mixing bowl, beat cream cheese and milk until smooth. Beat in confectioners’ sugar and peanut butter. Refrigerate ½ cup whipped topping for garnish. Beat ½ cup whipped topping into peanut butter mixture; fold in remaining whipped topping. Set aside 8 teaspoons chocolate chips for garnish; fold remaining chips into filling.
Spoon filling into crust. Cover and freeze for 3–4 hours or until firm. Remove from the freezer 20 minutes before serving. Garnish each slice with 1 tablespoon whipped topping and 1 teaspoon chocolate chips.
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