Mix flour and nuts. Stir in butter. Spread in ungreased 9 x 13 inch pan. Bake 15-20 minutes at 350 degrees. Cool, then refrigerate.
Next layer, beat 8 ounce cream cheese with 1 cup confectioners' sugar and 1/3 cup peanut butter until fluffy, add 1 cup Cool Whip. Spread over first layer and refrigerate.
Next layer, use 1 (3 ounce) box each instant vanilla and chocolate pudding and 3 cups milk. Mix puddings together and beat with milk as directed on package. Pour over second layer. Refrigerate until set.
Top with Cool Whip and more chopped peanuts, if desired. To make a pretty serving top with maraschino cherry for each portion. Refrigerate until ready to serve. Freezes well.