Step 1

Butter a 9 x 9 inch pan.

Step 2

In large bowl melt butter in microwave just until melted. Add marshmallows, stir to coat marshmallows with the melted butter. Continue to cook in microwave until melted, stir occasionally. This should only take a couple of minutes.

Step 3

Remove from microwave and stir in vanilla.

Step 4

Combine together with Rice Krispies.

Step 5

Pour into buttered pan and press mixture firmly with buttered hands.

Step 6

Place in refrigerator to chill.

Step 7

In saucepan add caramels and water. Cook on low heat, stirring constantly until caramels are melted. Do not burn the mixture!

Step 8

Remove from heat, stir in 1/2 cup peanut butter.

Step 9

Pour over Rice Krispies, and spread evenly.

Step 10

Place back into refrigerator to firm up a bit.

Step 11

In saucepan over low heat, melt chocolate.

Step 12

Once chocolate is melted remove from heat and stir in 1/4 cup peanut butter. Combine well.

Step 13

Pour chocolate over caramel layer spreading to edges in even layer.

Step 14

Refrigerate for 1 hour or until chocolate is firm.

Step 15

Cut into squares. (cuts best if allowed to sit at room temperature for at least 1/2 hour).