2 cups small pretzel twists
1 cup dry roasted peanuts
1 cup (about 20) coarsely chopped caramels
2 cups (12-ounce package) NESTLÉ® TOLL HOUSE® Premier White Morsels
Spray 13 x 9-inch baking pan with nonstick cooking spray.
Combine cereal, pretzels, peanuts and caramels in large bowl.
Microwave morsels in medium, microwave-safe bowl on MEDIUM-HIGH (70%) power for 1 minute; stir. Microwave at additional 10- to 20-second intervals, stirring until smooth. Pour over cereal mixture; stir to coat evenly.
Spread mixture into prepared baking pan; let stand for 20 to 30 minutes or until firm. Break into bite-size pieces.