Bring both the cream cheese and peanut butter to room temperature (to a stir-able consistency), then mix together with a spoon in a deep bowl, adding the powdered sugar gradually. Add in the vanilla, and mix until a smooth and even consistency is reached.

Spoon onto a large sheet of plastic wrap, then bring the sides up and twist very tightly to form something of a ball shape. Freeze in the coldest part of your freezer for 2-3 hours or until firm enough that the plastic wrap can be removed without the ball falling apart.

Place chocolate chips in a large bowl or ziploc bag, then roll the cheeseball until evenly coated with chocolate chips. Freeze until ready to serve (or refrigerate if not serving until the next day). Serve with graham crackers, sliced fruit, or anything else you think goes well with chocolate chips and peanut butter.