1 (14 oz.) pkg. caramels
1/4 c. milk
1/2 c. peanut butter
5 c. Rice Chex, crushed to 2 1/2 c.

Melt caramels in milk in top of double boiler. Stir occasionally until smooth. Add peanut butter and stir until thoroughly blended. Toss Chex crumbs in a buttered bowl. Pour caramel mixture over Chex and stir until all pieces are coated. Press firmly into buttered 8" square pan. Let stand until cool. Cut into 1" squares. Store in loosely covered container. Approximately 48 (1") squares.