Put your cream cheese in a bowl and whip with a hand mixer until it is creamy.
Add the peanut butter and vanilla extract and beat with the hand mixer until thoroughly combined.
Add the powdered sugar a little at a time (in about 4 additions), mixing completely with the hand mixer after each addition.
Pour in the whipping cream and whip until the whole mixture is light and fluffy.
Put the mixture into a piping bag (or zip top bag) and squeeze into your popsicle molds. Cover, insert sticks, and freeze for 18-24 hours. After that time, remove from molds, put the popsicles on a parchment-lined pan, and return them to freezer until you are ready to coat them.