Whisk 1/2 cup peanut butter and milk in medium bowl until blended.
Add dry pudding mix; beat 2 min. Stir in 1 cup COOL WHIP.
Arrange 4 ice cream sandwiches, long sides together, on 24-inch-long sheet of Reynolds Wrap Aluminum Foil; top with half the pudding mixture. Repeat layers. Top with remaining sandwiches.
Mix remaining peanut butter and COOL WHIP until blended; spread onto top and sides of dessert.
Freeze 4 hours or until firm. Top with nuts before serving.