Unroll 1 can of crescent rolls in a greased 9x13 casserole dish. Using gentle pressure, spread out dough so it covers the bottom and about 1/2" around the sides. Pinch seams together with your fingers until all pieces are sealed. Set aside.
Using a mixer on low speed, combine softened cream cheese, peanut butter, half of the sugar and half of the vanilla extract in a large bowl.
Spread cream cheese mixture evenly over the crescent rolls in the casserole dish, leaving about 1/4" around the edges.
In a small bowl, mix strawberry preserves with a fork to break up any large pieces. Spread preserves over the cream cheese mixture.
Unroll and spread out the second can of crescent rolls over top of the strawberry preserves. Gently tuck edges down along the sides of the dish. Set aside.
Melt stick of butter and whisk in second tbsp. of vanilla extract, cinnamon and second cup of sugar.
Spread sugar mixture over top of the crescent roll. Bake in 350 degree oven for 50-60 minutes until top is brown and bubbly. If using crushed peanuts, remove during the last 10 minutes of baking and sprinkles nuts over the top.
Let cool for 20 minutes then cover with foil and refrigerate for 4-6 hours before serving.