Warm the milk in a sauce pan over medium heat. Add the cocoa, honey, vanilla extract, and peanut butter. Whisk well as you continue to heat until desired temperature. Do not boil.
Note: if the cocoa is clumping and not dissolving well, you can blend the hot cocoa in a blender.
For the homemade whipped cream (optional but so good & recommended!), use a hand held mixer or stand mixer with a whisk attachment and beat the whipping cream on high for about 5 minutes. As the cream begins to thicken, slowly pour in the honey and vanilla extract. Whisk until preferred consistency. Spoon the whipped cream over your hot cocoa.
Optional: melt and drizzle a little peanut butter over the whipped cream.