Preheat oven to 350°F. Spray a loaf pan with cooking spray or grease it well. (My loaf pan was 9x5 1/2”. You could also use a 4x8” loaf pan for this.)
Mix granulated sugar and 1/2 teaspoon cinnamon in a small bowl.
Open can of biscuits and cut each into quarters, for a total of 32 biscuit pieces.
Wrap 1 chocolate chip in each piece of biscuit and roll into a ball. Roll each ball in the cinnamon sugar mixture and place in pan. You’ll get about 1 1/2 layers of dough balls in your pan.
Place butter and peanut butter in a medium sized bowl. Heat on HIGH in the microwave in 30 second increments until butter is melted. Add brown sugar and cinnamon and stir to combine. Pour over biscuits in pan.
Bake for 20-25 minutes, until the tops are golden and the center is just slightly jiggly to the touch. Cool in pan at least 10 minutes before removing to a serving plate. (To remove, run a knife around all the edges to loosen. Invert pan over serving plate and tap hard on the bottom. Hopefully it will all come out in one piece. If it doesn’t, repeat steps and just press the pieces together. No one will notice, trust me.)
Melt 1/4 cup chocolate chips in a small bowl. Transfer to a sandwich baggie and cut off one tip. Drizzle over the top of the monkey bread. Serve warm.