Makes enough frosting for 24 cupcakes

1 1/2 cups powdered sugar

8-ounce package cream cheese, room temperature

1/2 cup (1 stick) unsalted butter, room temperature

1/2 cup smooth peanut butter (do not use old-fashioned or freshly ground)

Sift powdered sugar into large bowl. Add cream cheese, butter, and peanut butter. Using electric mixer, beat mixture until smooth. Spread frosting over top of cupcakes, dividing equally. Sprinkle lightly with chopped peanuts, if desired.