In a saucepan, combine milk and sugar. Heat on medium and stir until sugar dissolves. Do not boil the mixture. This step creates a smooth base.

Add cocoa powder slowly into the warm milk mixture. Whisk continuously to avoid lumps. The mixture should become smooth and chocolatey.

Add peanut butter into the mixture. Stir well until it melts and blends completely. This gives the ice cream its rich and nutty flavor.

Remove from heat and add heavy cream and vanilla extract. Stir gently until everything is combined. The mixture should be smooth and creamy.

Let the mixture cool at room temperature. Then place it in the fridge for about 1 hour. This helps improve texture when freezing.

Pour the chilled mixture into an ice cream maker. Churn according to instructions. This step creates a soft and airy texture.

Transfer the churned ice cream into a container. Freeze for 4–5 hours until firm. This helps it set properly.

Take the ice cream out of the freezer. Let it sit for a few minutes before scooping. Serve in bowls or cones and enjoy.