Preheat oven to 375 degrees F (190 degrees C).

Combine 1 1/4 cup cookie crumbs, 1/4 cup sugar, and 1/4 cup butter; press into a 9-inch pie plate. Bake in preheated oven for 10 minutes. Cool on wire rack.

In a mixing bowl, beat cream cheese, peanut butter, 1 cup sugar, 1 tablespoon butter, and vanilla until smooth. Whip the cream, and fold into the peanut butter mixture.

Gently spoon filing into crust. Garnish pie with chocolate or cookie crumbs if desired. Refrigerate for several hours before serving.