Preheat oven to 350 degrees. Spray a 9x13 baking dish with non-stick spray.
In a large bowl beat together the sugar and butter with an electric mixer until light and fluffy. Beat in eggs, vanilla, and peanut butter.
In a separate bowl, combine the flour, baking soda, cinnamon, and salt.
Add 1/3 of the flour mixture to the butter mixture and mix until combined. Add 1/3 of the buttermilk and mix until combined. Repeat with the remaining flour and buttermilk. Stir in bananas.
Pour batter into the prepared pan and bake for 30-35 minutes or until a tester comes out clean.
Cool completely before frosting.
For the frosting
Add sugar, butter, and milk to a small saucepan over medium heat and bring to a boil.
Boil for exactly 1 minute and then remove from the heat.
Immediately stir the chocolate chips into the hot mixture until the frosting is smooth.
Pour the chocolate frosting over the cake and sprinkle with the walnuts.
Let cool for 20 minutes or until the frosting has firmed up.