In a large mixing bowl, combine the softened cream cheese and creamy peanut butter. Use an electric mixer on medium speed to beat the mixture until smooth and fluffy, about 2–3 minutes.

Gradually add in the powdered sugar and brown sugar. Continue beating until well incorporated, which should take another 1–2 minutes.

Gently fold the mini chocolate chips and chopped Reese’s Peanut Butter Cups into the mixture using a spatula.

Scoop the mixture onto a large piece of plastic wrap. Gather the edges of the wrap and start to form the mixture into a ball shape.

After chilling, unwrap your cheese ball and roll it in toffee bits or chopped peanuts for an even coating.

Before serving, drizzle caramel sauce on top and sprinkle additional chopped Reese’s cups if desired. Let it sit at room temperature for 10–15 minutes before serving.