Step 1: In a large mixing bowl, beat the softened cream cheese and peanut butter with an electric mixer until smooth and well combined.
Step 2: Add the powdered sugar, brown sugar, and vanilla extract to the bowl. Beat again until the mixture is light, fluffy, and thoroughly incorporated. Scrape down the sides of the bowl as needed.
Step 3: Gently fold in about half of the chopped Reese's Peanut Butter Cups and half of the mini chocolate chips (or Reese's Pieces) into the cream cheese mixture until just combined.
Step 4: Scrape the mixture onto a large piece of plastic wrap. Using the plastic wrap, form the mixture into a neat ball.
Step 5: Place the remaining chopped Reese's Peanut Butter Cups and mini chocolate chips (or Reese's Pieces) on a shallow plate. Unwrap the cheese ball and roll it in the candy mixture, pressing gently to ensure it's fully coated.
Step 6: Place the coated cheese ball on a serving plate, cover with plastic wrap, and refrigerate for at least 1 hour to allow it to firm up and flavors to meld.
Step 7: Serve chilled with graham crackers, pretzel crisps, vanilla wafers, apple slices, or banana slices.