In a chilled mixing bowl, whip the heavy cream on medium-high speed until stiff peaks form—this usually takes about 3-5 minutes. Once achieved, place the whipped cream in the refrigerator while you prepare the peanut butter base.

In a separate large bowl, beat the cream cheese and peanut butter together on medium speed until completely smooth and creamy, about 2 to 3 minutes. Add the vanilla extract and sifted powdered sugar, continuing to beat until light and fully incorporated.

Add one-third of the whipped cream to the peanut butter mixture and fold gently with a spatula to loosen the texture. Then, gently fold in the remaining whipped cream in two additions—using slow figure-eight motions to maintain that airy texture.

For the best texture, refrigerate the mousse for 30 minutes before using. It will firm slightly while retaining its light, mousse-like aura.