Combine morsels and 1/4 cup cream in a microwave safe bowl. Microwave on high for 30 seconds; stir. Continue microwaving in 30 second intervals until mixture is smooth when stirred. Stir in peanut butter; let cool. In a small bowl, beat the remaining whipping cream with an electric mixer until thickened. Add confectioners sugar, 1 tablespoon at a time, beating until stiff peaks form. Fold whipped cream into cooled peanut butter mixture.