In the bowl of a stand mixer or using a hand mixer, beat the cream cheese until smooth.
Slowly add in the powdered sugar and mix until combined.
Add in the peanut butter and crushed peanut M&Ms and incorporate.
Line a small bowl with plastic wrap and place the mixture into the bowl. Cover with plastic wrap.
Chill in the refrigerator for at least a couple of hours to firm up.
Remove the dip from the bowl and place onto a plate.
Shape into a heart and cover in sprinkles, chocolate chips or even M&Ms.