1. Preheat oven to 350 degrees. Butter an 8 inch square pan.
2. Unwrap roll of phyllo dough and cut in half so it will fit in the pan. Cover the phyllo dough with plastic wrap and place a damp towel over the top.
3. Brush the top sheet of phyllo with melted butter. Grab it and the sheet below and place butter side down in the pan. Repeat 2 more times, so you have 6 sheets of phyllo in the pan.
4. Heat peanut butter in the microwave 30 seconds to 1 min. until liquid and spread 2-3 tablespoons of peanut butter over top. Sprinkle with chocolate chips. Repeat 4 more times.
5. Butter the next phyllo sheet and grab the one below and place them butter side down on top of the peanut butter layer. Butter the top sheet of dough.
6. Cut the baklava into squares being sure to cut through all layers.
7. Bake about 45 minutes until the baklava is golden brown.
8. While the baklava is baking, heat the water, sugar, honey and vanilla in a sauce pan. Bring to a boil. Keep on low until the baklava finishes baking.
9. When the baklava comes out of the over, pour the honey mixture over the top, making sure to saturate all the cuts.
10. Let cool completely, uncovered for several hours.