1. Preheat the oven to 350°F (180°C). Grease and flour two 8-inch (20 cm) round baking pans.
2. Beat eggs, oil and vanilla in large bowl. Stir flour with granulated sugar, brown sugar, cinnamon and baking soda; add to egg mixture and blend well. Stir in carrot, peanut butter chips and walnuts; pour into prepared pans.
3. Bake for 30 to 35 minutes or until a wooden pick inserted in center comes out clean; cool for 10 minutes. Remove from pans to wire rack; cool completely.
4. Cream Cheese Frosting: Beat cream cheese with butter until smooth. Gradually add icing sugar and vanilla; beat until smooth. Frost all over and in between layers of cooled cake. Reserve leftover cake, covered, in the refrigerator.
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