Preheat the oven to 350 F. Butter 2 (8-inch) circular pans and line with parchment paper.
In a medium bowl combine the 1 cup melted butter and cocoa and stir until the cocoa is dissolved.
Add the sugar, 1/4 cup at a time, and mix well. Add the eggs, 1 at a time, and mix until incorporated. Stir in the vanilla, flour and salt and combine until the flour is no longer visible. Fold in the chopped peanut butter cups and divide the mixture between the pans. Bake for approximately 25 minutes, then remove from the oven and set aside to cool.
Run a knife around the edge of each pan and turn out onto a work surface.
Put 1 cake layer on a cake plate or a round platter. Spread the 1/4 cup of peanut butter over the first layer and top with the second layer. In a bowl, combine the remaining 2 tablespoons of peanut butter, the confectioners' sugar and water until a glaze forms. Add more water, if needed, to achieve desired glaze consistency. Pour the glaze on top of the torte, spreading it out with a small knife allowing it to drip over the sides. Melt the chocolate chips in a double boiler and drizzle over the glaze. Cut into slices and serve.
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