Make the filling: In a medium bowl, beat together the cream cheese, peanut butter, powdered sugar, and vanilla (if using) until smooth and fluffy.
Form balls: Scoop and roll the mixture into 1-inch balls. Place on a parchment-lined tray and freeze for 30–45 minutes until firm.
Melt chocolate: In a microwave-safe bowl, melt chocolate chips with coconut oil in 20-second intervals, stirring until smooth.
Dip and garnish: Dip each chilled ball into melted chocolate, letting excess drip off. Place back on tray and sprinkle with chopped peanuts if desired.
Chill: Refrigerate until chocolate is set, about 15–20 minutes. Serve chilled or slightly softened.
