Line 9 x 13-inch pan with non-stick foil or parchment paper. In a small saucepan, melt 1 cup milk chocolate chips, 1/4 cup butterscotch chips and 1/4 cup chunky peanut butter together. Spread in pan and cool in refrigerator for 30 minutes.
Second Layer
In saucepan, combine 1 cup sugar, 1/4 cup milk and 1/4 cup butter. Boil 5 minutes. Add 1/4 cup chunky peanut butter, 1-1/2 cups marshmallow cream and 1 tsp vanilla. Stir until smooth. Spread over cooled bottom layer. Sprinkle 2 cups dry roasted peanuts over marshmallow layer.
Third Layer
Melt caramels and 2 tablespoons of hot water together. Drizzle the melted caramel over the peanuts.
Top Layer
Repeat bottom layer and spread over caramel layer. Let set for about 30 minutes. Using a regular fork, lightly drag and zigzag up and down the bars to make a fun pattern in the chocolate.
Cool completely at room temperature. Lift bars out of pan and peel off paper or foil. Cut into bars on a cutting board with a chef’s knife. These are best if stored in the refrigerator.
Notes
These bars freeze well. I suggest cutting into desired bars before freezing them.