Preheat oven to 350°F. Spray a donut pan with nonstick cooking spray. Alternately, spray mini or regular sized muffin pans with nonstick cooking spray.
Make the glaze first: heat heavy whipping cream to almost boiling (don't let it fully boil, once you notice a slight simmer it's done) on the stove or in the microwave. Pour over chocolate chips and let sit one minute, then whisk until smooth. Set aside until ready to use.
Stir together peanut butter, sugar, milk, vanilla, oil, and egg until smooth. Stir in baking powder and salt, then stir in flour.
Place batter in a large gallon size ziploc bag and cut off one tip. Pipe into donut pan.
Bake for 8-12 minutes or until a toothpick comes out clean. Cool 10 minutes in pan then remove. Glaze once cooled.
To glaze: dip donuts upside down in glaze. Sprinkle with nuts or sprinkles. Let set at room temperature.
Store in an airtight container for up to 3 days.
This makes a few more than one traditional donut pan. If you have more than 6 donuts, bake them, let them cool the 10 minutes then remove and refill the pan to bake the second set.