Line 8 inch square pan with foil. Place peanut butter chips, 2/3 cup sweetened condensed milk and butter in medium microwave-safe bowl. Place chocolate chips and remaining sweetened condensed milk in second medium microwave safe bowl. Microwave bowl with peanut butter chips on high 1 minute or until chips are melted and mixture is smooth when stirred; stir in 1/2 tsp. vanilla. Immediately pour and spread evenly into prepared pan.
Microwave bowl with chocolate chips at high 1 minute or until chips are melted and mixture is smooth when stirred; stir in remaining vanilla. Immediately pour and spread evenly over peanut butter layer; cool. Cover. Refrigerate until firm. Remove from pan; place on cutting board. Peel off foil; cut into 1 inch squares. Store tightly covered container in refrigerator. About 2 dozen pieces of fudge.
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