Cream the butter, sugar, and peanut butter in a large bowl of a stand mixer fitted with the paddle attachment on medium speed for 20 minutes, or until light and fluffy.
While the butter, sugar, and peanut butter are creaming, measure out the remaining ingredients for the pound cake.
In a liquid measuring cup, whisk together the cream and vanilla extract.
Whisk together the cake flour and salt in a bowl and set aside.
Once the mixture has finished creaming, scrape the sides and bottom of the bowl.
Add the eggs one at a time with the mixer on low speed, beating well after each addition.
Scrape the sides and bottom of the bowl again.
Let the mixture beat on low speed for 5 minutes.
With the mixer still on low speed, alternately add the flour mixture and cream mixture, beginning with the flour mixture and ending with the cream mixture. Mix until well blended.
Scrape the sides and bottom of the bowl.
Add the peanut butter chips and mix on low speed until just combined.
Scrape the sides of the bowl and incorporate any unmixed batter if necessary.
Prepare a large 12-cup Bundt pan with floured baking spray.
Pour the batter into the prepared Bundt pan until it is about 1 to 1½ inches from the top. Tap the pan on the counter to ensure there are no air bubbles. (If there is remaining batter, use it to make muffins.)
Bake for 1 hour and 20 minutes. Insert a wooden skewer into the cake, and if there is no cake on the skewer, it is done.
While the cake is in the oven, prepare the glaze.
Remove the cake from the oven. Allow the cake to cool in the pan, on a wire rack, for 15 minutes or until cool enough to handle with pot holders. Place the wire rack on top of the cake pan and flip the pan over. Gently lift the pan, being careful not to remove any of the outside crust.
Using a pastry brush, generously douse the curved top of the cake with glaze. The cake should appear shiny with the glaze but not saturated. This should dry in about 30 minutes.
Stir together the sugar, water, and peanut butter in a medium saucepan over medium heat.
Cook for 2 to 3 minutes or until the mixture is smooth and not grainy.
Remove from heat and add the flavorings. Stir until well combined.