Preheat oven to 375 degrees. Line a baking sheet with foil. Using cannoli tubes or rolled heavy duty aluminum foil tubes, wrap one slice of bacon tightly around each tube, overlapping edges.
Bake for 20 minutes or until bacon is crisp. Let cool for about 20 minutes. Gently slide bacon tubes off the forms. While bacon is cooling, mix together cream cheese, peanut butter and powdered sugar until smooth. Fold in whipped topping. Spoon mixture into pastry bag or sandwich bag with snipped off corner. Pipe peanut butter mixture into the bacon tubes. Sprinkle with chopped peanuts.