In a large bowl or stand mixer, beat cream cheese and 1/4 cup sugar until fluffy.
Gradually beat in sweetened condensed milk.
Add in melted peanut butter chips and beat until smooth.
Beat in eggs one at a time.
Add in vanilla.
Pour into prepared crust, using a rubber spatula to even out.
Place springform pan in a larger baking pan and fill the larger pan with water until it's about halfway up the sides of the springform pan to create the water bath. This helps prevent your cheesecake from cracking.
Bake 60 to 70 minutes or until center is almost set and has a matte/dull appearance.
Remove from oven and immediately run a pairing knife along the edge of the cheesecake to loosen it from the side of the pan.
Transfer to a cooling rack and cool completely.