Line a 9” x 13” pan with foil, extending over sides of pan and grease well with baking spray.
In a medium-sized saucepan, 2 cups granulated sugar, 2/3 cup evaporated milk, 11/2 cup unsalted butter and pinch of salt. Bring to a rolling boil over medium heat; once boiling, cook 5 minutes, stirring constantly.
After 5 minutes, remove from heat. Add in 1 teaspoon vanilla extract, followed by the 12 large marshmallows and 1 6 oz. pkg. cherry flavored baking chips. Stir until marshmallows and cherry chips have melted and mixture is smooth.
Meanwhile, in a microwave safe bowl, combine 1 12 oz. pkg. good quality semi-sweet chocolate or baking chips, 1 Tablespoon unsalted butter and 3/4 cup creamy peanut butter. Microwave on 50-60% power until chocolate is melted, then stir until mixture is smooth. Stir in 10 oz. finely chopped or crushed salted peanuts.
Pour half of the chocolate mixture into prepared pan. Then, pour all of the cherry mixture over the first layer of chocolate. Pour remaining chocolate mixture on top, spreading until the cherry mixture is completely covered.
Let cool completely before cutting candy into pieces. Store in an airtight container.