Lightly grease and flour a 10-inch tube pan and set aside. In a large bowl, cream together the butter and peanut butter. Add the sugar and beat until light in color. Add the eggs, one at a time, mixing well after each addition. The mixture should be light and fluffy. Add the vanilla.
In a smaller bowl, sift together the flour, baking powder, and salt. Gradually add to the butter mixture, alternating with the milk, beginning and ending with the flour mixture. Mix the batter until smooth and creamy. Pour into the cake pan. Place in a COLD oven. Set the oven temperature to 325 and bake until a tester inserted in the cake comes out clean, about 1 hour 10 minutes. Let the cake cool in the pan for 30 minutes before turning out on a rack to cool completely before icing.
For the icing: Place the chocolate chips in a small mixing bowl. Heat the cream in a heavy-bottomed saucepan until boiling. Pour over the chocolate chips and stir until creamy and smooth. Let cool for 2-3 minutes. Brush any loose crumbs from the cake. Place the cooling rack on a clean baking sheet to catch the drips. Pour the icing evenly over the cake. Move the cake rack to another clean baking sheet. Scrape the drips from the first baking sheet, reheat and pour over the cake.
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