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Mix the 8 oz. package of softened cream cheese with the ½ cup of peanut butter in a large mixing bowl, using an electric mixer. Mix until the ingredients become smooth. This mixing should take about 2-3 minutes. Add in the  3-3 ½ cups of powdered sugar. Add in the powdered sugar in gradually, making sure every addition is blended in well before adding the next bit of powder. This blending process should take about 3-5 minutes. Once the powdered sugar is well blended, add 1 teaspoon of vanilla. The vanilla shouldn't take very long to mix in with the rest of the ingredients, about 30 seconds. When you add the vanilla, make sure the electric mixer is still going. You want the mixer to be constantly mixing. Once all the frosting ingredients are mixed in, add in 2 tablespoon of either milk or cream to change the consistency of the frosting to your liking. If you’re looking for a low-fat option, you can try using skim milk or reduced fat cream, along with reduced fat cream cheese.

Summary:
Mix the cream cheese and butter. Add the powdered sugar. Add the vanilla. Blend to your desired consistency.