For the peanut butter whipped cream: Combine the cream, peanut butter and vanilla in a chilled bowl and whip until soft peaks form. Cover and refrigerate until ready to use.
For the hot milk chocolate: Combine the half-and-half and milk in a medium saucepan and bring to a simmer over low heat. Add the milk chocolate chips, semi-sweet chocolate chips and salt and whisk vigorously until smooth and frothy. Ladle into mugs and top with a large dollop of peanut butter whipped cream and a sprinkle of chocolate-covered peanuts.