In a saucepan over medium heat, combine the milk, cocoa powder, sugar, and salt. Stir continuously until the sugar dissolves and the mixture becomes smooth.
Stir in the peanut butter until it melts into the mixture, creating a creamy and rich consistency.
Add the cooked rice to the saucepan and stir well to coat it evenly with the chocolate-peanut butter mixture. Reduce the heat to low and let it simmer for about 10 minutes, stirring occasionally.
Remove from heat and mix in the vanilla extract. If desired, fold in the chocolate chips for extra richness.
Scoop the warm Chocolate Peanut Butter Rice into bowls, garnish with chopped peanuts, and enjoy! For a delicious baked treat, try Chocolate Chip Cookies!