Heat oven to 375 degrees F.
With stand or electric mixture, cream butter with both sugars for about 3 minutes, until very creamy and pale yellow. Add peanut butter and beat for another minute.
Beat in eggs, one at a time. Add vanilla extract and beat a few more seconds.
Sift all dry ingredients (except 1/4 cup of all purpose flour and the chocolate chips) together in a bowl. Slowly add to peanut butter mixture, beat on low until just blended.With spatula, add remaining 1/4 cup of flour, the choclolate chips and blend.
Roll about a tablespoon of dough in a ball and then flatten with the bottom of a fork.
Arrange two inches apart on baking sheet (you don’t need to line with parchment paper, but it won’t hurt).
Bake for 10-12 minutes or until light golden brown on edges.