In a bowl, microwave chocolate chips and peanut butter for 1 minute. Stir until chips are melted. Stir in cereal until evenly coated. Pat half into a 9x13 inch pan. In a bowl, microwave peanut butter chips and butter for 1 minute. Stir until chips are melted. Stir in water, vanilla and powdered sugar until smooth. Carefully spread over cereal layer. Carefully press remaining cereal mixture over peanut butter layer. Cover and chill for at least 1 hour. Cut into squares.
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