Step 1: In a large saucepan over low heat, melt butter/margarine.
Step 2: Add marshmallows; stir until melted and well blended.
Step 3: Remove from heat.
Step 4: Stir in vanilla.
Step 5: Add powdered peanut butter and cereal, stir until coated.
Step 6: Press the mixture into a buttered 13 x 9 inch pan using a lightly buttered spatula.
Step 7: Cool and cut into squares.
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