Step 1

In the microwave, or in a saucepan over medium heat, melt caramel, stirring frequently until smooth. Stir in the crispy rice cereal and peanuts. Spread the mixture out to an even thickness onto a buttered baking sheet. Set aside to cool.

Step 2

In the microwave or in a metal bowl over a pan of simmering water, melt chocolate chips, stirring frequently until smooth. Remove from heat. Spread over the cooled caramel slab. Chill to set, then cut into squares or bars.