Peanut Caramel Bars

In a large microwave-safe bowl, heat caramels, water and 1/2 cup peanut butter on high for 1 minute, stir.

Microwave 1 to 2 additional minutes (until melted).

Add Cheerios and peanuts, stir until coated.

Spread in greased 9x13 pan, set aside. In another microwave-safe bowl, heat chips, butter, and remaining peanut butter on high for 30 to 60 seconds or until melted.

Spread over Cheerios mixture.

Refrigerate before cutting.