In a mixing bowl, combine the creamy peanut butter, powdered sugar, and vanilla extract. Use a whisk or an electric mixer to blend until smooth.
Gently fold in the whipped topping with a rubber spatula until the mixture is well combined and fluffy. Be careful not to deflate the whipped topping.
Once combined, taste the mixture and adjust sweetness if necessary by adding more powdered sugar.
Divide the Peanut Butter Fluff into serving bowls.
If desired, sprinkle the top with chopped peanuts for an extra crunch.
Serve immediately or refrigerate until ready to serve.
For a chocolate twist, consider adding chocolate chips or drizzling chocolate sauce over the top before serving.
This fluffy dessert can be used as a dip for fresh fruits like apple slices or bananas.