Prepare the Cake Batter
Preheat your oven to 350°F (175°C). Grease and flour two 8 round cake pans. In a large mixing bowl, combine the boxed cake mix, milk, vegetable oil, eggs, and vanilla extract. Mix with an electric mixer on medium speed for 2 minutes until the batter is smooth and thick.
Bake the Cakes
Pour the batter evenly into the prepared pans. Tap them gently on the counter to remove air bubbles. Bake for 30–35 minutes or until a toothpick inserted in the center comes out clean. Let the cakes cool in the pans for about 10 minutes, then remove them and transfer to a wire rack to cool completely.
Make the Peanut Butter Frosting
In a large bowl, beat the softened butter and creamy peanut butter until smooth and fluffy, about 2–3 minutes. Gradually add in the powdered sugar, one cup at a time, mixing well after each addition. Add the heavy cream or milk one tablespoon at a time until you reach your desired consistency. Beat for another 1–2 minutes until light and spreadable. Add a pinch of salt if needed.
Level the Cake Layers (Optional)
If the cake layers have domed on top, carefully slice off the rounded tops with a serrated knife so the layers stack evenly.
Frost the Cake
Place one cake layer on your serving plate or cake board. Spread a generous layer of the peanut butter frosting over the top. Add the second cake layer on top, then frost the top and sides of the entire cake with the remaining frosting. Use an offset spatula for smooth results.
Chill Before Ganache
Place the frosted cake in the refrigerator for about 15–20 minutes to help set the frosting before adding the ganache.
Make the Chocolate Ganache
In a small saucepan or microwave-safe bowl, heat the heavy cream just until hot (not boiling). Pour over the milk chocolate chips and let sit for 2–3 minutes. Stir until smooth and glossy. Let it cool slightly so it thickens but is still pourable.
Drizzle Ganache Over Cake
Remove the cake from the fridge. Spoon or pour the ganache over the top of the cake, letting it drip down the sides for a dramatic effect. Work quickly so it sets evenly.
Add Final Toppings
While the ganache is still soft, sprinkle chopped Reese’s Cups generously over the top of the cake. Finish with a peanut butter drizzle by microwaving a few spoonfuls of peanut butter (with a splash of cream if needed) until pourable. Drizzle across the top for a bakery-style finish.