Soften cream cheese in a mixing bowl at room temperature for about 15 minutes. Beat until smooth, then blend in powdered sugar and peanut butter. Fold in whipped topping.

In a separate bowl, combine milk and chocolate pudding mix. Whisk for about 2 minutes until thickened.

In a 9x13-inch dish, layer graham crackers at the bottom, spread half of the peanut butter mixture, then more graham crackers, followed by chocolate pudding.

Spread the remaining peanut butter mixture and top with another layer of graham crackers. Press lightly.

Cover tightly with plastic wrap and refrigerate for at least 4 hours or overnight.

Cut into squares and serve with extra whipped topping and chocolate chips if desired.