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Melt the butter in a medium-size saucepan over medium heat heat. Gently stir in the brown sugar and milk. Bring to a boil for 2 minutes, stirring frequently.
Remove from heat and gently stir in the peanut butter and vanilla until fully combined.
In a large mixing bowl, add the powdered sugar followed by the peanut butter/brown sugar mix. Beat until smooth.
Pour into an 8×8 inch dish and chill in the refrigerator until firm.
Once chilled, cut into squares and enjoy!