1 pak (14 oz) caramels
1/4/ cup water
3/4 cup peanut butter, divided
4 cups cheerios
1 cup salted peanuts
1 cup semisweet or milk chocolate chips
1/2/ cup butter or margarine, softened

In large bowl, heat caramels, water and 1/2 cup peanut butter on high in micro for 1 minute, stir. Microwave 1-2 min longer or until melted. Add cereal and peanuts, stir and spread into a greased 13-in x 9 in pan.

In another bowl, heat chips and butter and rest of peanut butter on high in micro for 30-60 seconds or until melted, spread over cereal mixture.
Ref before cutting.

****I made this last night for my granddaughters vacation bible school. I used rice krispies for one batch instead of the cheerios.