Place assorted chocolates into medium metal/glass bowl. Set bowl over a saucepan of simmering water; stir until smooth and melted. Add sugar and cocoa to blend. Gradually whisk in 1/2 cup milk; whisk until sugar dissolves. Cool mixture to room temperature.
Using an electric mixer, beat cream in a small bowl until peaks form. Place remaining 1 cup milk, chocolate mixture, peanut butter, and ice in the blender. Puree until smooth. Divide between 2 large glasses. Top with whipped cream and sprinkle with chocolate shavings.
Notes
***I used crushed ice and ended up using around 5 cups of ice to get the consistency that I wanted. Just keep checking the blender before pouring out because no one wants too much liquid in a frozen hot chocolate!!***I didn't use the whipped cream or chocolate shavings for this post but, they are yummy additions!