In a large bowl, whip cream cheese at low speed until soft and fluffy.

Beat in sugar and peanut butter, using electric mixer at medium speed. Slowly add milk while beating, then fold the whipped topping into the mixture by hand.

Turn the mixture into the pie shell. Sprinkle chopped peanuts in a ring all around the outside edge of the pie.

If desired, drizzle thin horizontal lines of canned chocolate syrup about one inch apart on surface of pie. Cut across the lines with a sharp knife to form a grid pattern.

Freeze until firm, several hours or overnight. Remove from freezer a half hour before cutting.