DO NOT preheat the oven.

Lightly grease and flour a 10-inch tube pan, and set aside.

In a large bowl, cream together the butter and the peanut butter. Add the sugar and beat until light in color.

Add the eggs, one at a time, mixing well after each addition. The mixture should be light and fluffy.

Add the vanilla.

In a smaller bowl, sift together the flour, baking powder, and salt.

Gradually add to the butter mixture, alternating with the milk, beginning and ending with the flour mixture. Mix until smooth and creamy.

Pour into the cake pan, and place in the cold oven.

Set the oven temperature to 375 degrees F, and bake about 1 hour 35 minutes (check after 1 hour 10 minutes, as all ovens are different), or until a tester comes out clean.

When it is done baking, let the cake cool in the pan for 30 minutes before turning out on a rack to cool completely.

For the icing:.

Place the chocolate chips in a small mixing bowl.

Heat the cream in a heavy saucepan, until boiling. Pour over the chocolate chips and stir until creamy and smooth.

Let cool for 2 to 3 minutes.

Brush any loose crumbs from the cake. Place the cooling rack on a wax paper or parchment-lined baking sheet to catch any drips.

Pour the icing evenly over the cake, allowing it to cascade down the sides and cover the cake.

Move the cake rack to another lined baking sheet, scrape the drips from the used baking sheet, reheat the chocolate, and pour over the cake.