In a large bowl, combine all ingredients and beat on low speed 1 minute, then beat 2 minutes at medium speed.
Pour into 2 greased and floured 9 inch layer cake pans.
Bake at 350 degrees for 30-33 minutes.
Cool in pan 10 minutes. Remove from pan and cool completely on wire rack.
Microwave frosting on high for 15-20 seconds.
Immediately stir in peanut butter.
Frost cake and sprinkle chopped peanuts on top and press chopped peanuts on sides of cake.
Not a NESTLÉ®-tested recipe.