Preheat oven to 325° F. Spray a 12-cup Bundt pan and set aside.
Beat butter, sugars and peanut butter at medium speed until fluffy. Add vanilla. Add eggs, one at a time, beating well after each addition.
In a separate bowl, combine flour, baking powder and salt. Gradually add to butter/sugar mixture, alternating with milk, beginning and ending with flour mixture. Stir in morsels. Spoon batter into prepared pan.
Bake for 1 hour and 15 minutes to 1 hour and 25 minutes, until done. If necessary, cover top of cake with aluminum foil to prevent excess browning.
Cool in pan for 10 minutes. Remove to a wire rack to cool completely. Garnish, if desired, with confectioners' sugar.
Total Fat 19g
Saturated Fat 9g
Total Carbohydrate 60g
Dietary Fiber 3g