1. Heat oven to 350°F. Grease and flour two 8-inch round baking pans.
2. Beat eggs, oil and vanilla in large bowl. Stir together flour, granulated sugar, brown sugar, cinnamon and baking soda; add to egg mixture and blend well. Stir in carrot, peanut butter chips and walnuts; pour into prepared pans.
3. Bake 30 to 35 minutes or until wooden pick inserted in center comes out clean. Cool 10 minutes; remove from pans to wire rack. Cool completely. Frost with CREAM CHEESE FROSTING. Cover; refrigerate leftover cake. 10 to 12 servings.
CREAM CHEESE FROSTING: Beat 2 packages (3 oz. each) softened cream cheese and 1/2 cup (1 stick) softened butter until smooth. Gradually add 4 cups powdered sugar and 2 teaspoons vanilla extract; beat until smooth.