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Line an 8" X 8" pan with foil and spray lightly with nonstick spray
In 2 separate heat-safe medium bowls, place the peanut butter chips in one and the chocolate chips in the other.
In a 3-quart sauce pan, combine the sugar, marshmallow creme, evaporated milk and butter. Cook over medium heat, stirring constantly, until the mixture boils; boil and continue to stir for 5 minutes. If you are using a candy thermometer, your fudge is ready when it reaches 235°F. Or go old-school and use the soft ball test. Using a metal spoon, drizzle a little fudge in a cup of ice water. If it forms a soft, pliable ball, then it's done. Remove from heat and quickly stir in the vanilla.
Quickly stir one-half of the hot mixture into the peanut butter chips and the other half into the chocolate chips. Stir the peanut butter mixture until fully melted and quickly scrape into the prepared pan and smooth evenly along the bottom. Stir the chocolate chip mixture until fully melted and carefully spread evenly over the top of the peanut butter layer.
Let the fudge sit at room temperature until completely cool (or refrigerate). Cut into small squares.