Ingredients

Instructions

  1. In a large bowl, heat caramels, water and 1/2 cup peanut butter on high for 1 minute, stir. Microwave 1-2 minutes longer or until melted.
  2. Add cereal and peanuts; stir until coated.
  3. Spread into a greased 13x9x2-in pan; set aside.
  4. In another bowl, heat chips, butter and remaining peanut butter on high for 30-60 seconds or until melted.
  5. Spread over cereal mixture. Chill before cutting.