SPRINKLE 1/4 cup peanuts onto bottom of pie crust. Drizzle with 1 tablespoon caramel topping.
COMBINE morsels and milk in medium, uncovered microwave-safe bowl. Microwave on MEDIUM-HIGH (70%) power 45 seconds; stir. Morsels may retain some of their shape. If necessary, microwave at additional 10- to 15-second intervals, stirring just until melted.
BEAT cream cheese and sugar in large mixer bowl until creamy. Beat in chocolate mixture. Add whipped topping and stir vigorously until smooth. Spoon into prepared pie crust and swirl top. Sprinkle with remaining peanuts and drizzle with remaining caramel topping. Cover; refrigerate at least 1 hour.