In a small saucepan over medium heat, add brown sugar and butter. Whisk until completely combined and the butter is melted. Bring to a boil, remove from heat. Whisk in the peanut butter and vanilla extract. Set aside to cool completely – about 30 minutes. I put mine in a separate bowl and placed it in the fridge to cool.
Once the peanut butter mixture is cool, in a large mixing bowl, beat cream cheese with powdered sugar until creamy, ~ 3-4 minutes. On low, add in the peanut butter mixture and mix until combined. Fold in mini chocolate chips and mini peanut butter cups.
Serve immediately or store in the refrigerator until ready to serve. If chilled, allow to come to room temperature for easier dipping. Serve with pretzels, vanilla wafers, graham crackers… a spoon!