Peanut butter pie

1 cup powdered sugar
1 (8-ounce) block cream cheese, softened
1 cup creamy peanut butter
1 (14-ounce) can sweetened condensed milk
1 12-ounce whipped topping, thawed
2 9-inch graham cracker shells
4 teaspoons chocolate syrup

Combine the first 3 ingredients in a large bowl; beat with a mixer at medium speed until smooth. Add the condensed milk, and beat until combined. Stir in the whipped topping. Divide the mixture evenly between shells; chill 8 hours or until set (pies will have a soft, fluffy texture). Cut into wedges, and drizzle with chocolate syrup.
Note: We loved this pie frozen--its texture is more like that of an ice-cream pie.