1Line 2 cookie sheets with foil or waxed paper. Place 3 cups cereal in large bowl. In small microwavable bowl, microwave white vanilla baking chips uncovered on High about 1 minute or until chips can be stirred smooth. Pour melted chips over cereal in bowl; stir to evenly coat. Spread mixture in single layer on one of the cookie sheets. Refrigerate 5 minutes or until set.
2Repeat the above using the remaining cereal and the peanut butter chips; refrigerate 5 minutes or until set.
3Gently break up coated cereal into large bowl. Add candy and peanuts; stir gently to combine. Store in airtight container.