In a large mixing bowl, combine cream cheese, creamy peanut butter, powdered sugar, and vanilla extract. Blend on medium speed for about 2-3 minutes until the mixture is fluffy.

Gently fold in the Cool Whip using a spatula until fully incorporated and the mixture appears light and fluffy.

Fold in mini chocolate chips, ensuring they are evenly distributed.

Transfer the Buckeye Dip mixture into a pie plate or serving dish, smoothing the top for presentation.

Pour chocolate magic shell over the top, spreading it evenly to create a glossy layer.

Cover with plastic wrap and refrigerate for at least 45 minutes to allow it to set.

Serve chilled with snacks like graham crackers, pretzels, or apple slices.