In a large microwave-safe bowl, combine the marshmallows, peanut butter, chocolate chips and butter. Cover and microwave on high for 2 1/2 minutes. Stir until well blended (the mixture will be lumpy). Add cereal and peanuts; stir until well coated. Spread into a Pam sprayed 13 x 9 x 2 inch pan. For the frosting, combine chocolate chips, butter and milk in another microwave-safe bowl. Cover and microwave on high for 1 1/2 minutes; mix well. Add confectioners’ sugar and vanilla. With an electric mixer, beat frosting until smooth. Spread over the cereal mixture. Cover and refrigerate for 2 hours or until firm. Cut into squares.
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