Melt butter and peanut butter chips in a large saucepan over medium heat until smooth, then stir in condensed milk, vanilla extract and marshmallows, stirring until smooth and incorporated.
Generously grease a 9×13-inch baking dish with butter or non-stick spray, or line with parchment paper, then spread half of peanuts across baking dish.
Pour condensed milk mixture over peanuts, then sprinkle remaining peanuts on top.
Refrigerate or let sit at room temperature until set, then cut into bars and enjoy.
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