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Prepare an 8x8 inch pan with aluminum foil. Spray with cooking spray.
In a microwave safe container, combine the peanut butter and half of the sweetened condensed milk. Microwave on half power for 2 minutes. Stir until smooth. Set aside.
In a second microwave safe container, combine the chocolate chips and the remaining sweetened condensed milk.
Melt the chocolate chips and the remaining sweetened condensed milk in the microwave for 2 minutes, stirring every 30 seconds. Stir until smooth.Important Note: If you don't have a microwave, no problem! Just heat the ingredients in two small saucepans on the stovetop. Using a double boiler to melt your chocolate is a great option, especially since microwaves differ in power.
Pour the chocolate mixture into the prepared pan. Pour or scoop out the peanut butter mixture on top. Spread evenly. Take a knife, spray it with cooking spray, and then run it through the two layers to combine, creating swirls.
Cover with plastic wrap and refrigerate for 3 to 4 hours.
Cut the fudge into small squares to serve. Store in the refrigerator until ready to enjoy.