Butter a 13X9 inch pan. (or if using mini muffin cups, lay out about 60 liners on baking sheets and/or in mini muffin t putting the liners on baking sheets or in muffin tins will make it easier to transfer mixture to the refrigerator).
Combine 1/2 cup butter, 2 cups granulated sugar, 2/3 cup evaporated milk, 12 large marshmallows, and 1/8 tsp salt in a saucepan.
Bring to a boil, and boil for 5 minutes.
Remove from heat and stir in 6 oz cherry chips and 1 tsp vanilla extract, stirring until well blended.
Pour into prepared pan and chill for 2 hours. (Or- Pour into mini muffin liners, and chill for about 15 minutes).
Melt 12 oz chocolate chips in a saucepan over low heat, then add 2 cups chopped peanuts and 3/4 cup peanut butter. Stir until well blended. Spread evenly over the top of the first layer. Chill until firm, then cut into bite sized squares (of course, if you are using mini-muffin liners, there is no need to cut them).
