Grease an 8 x 8-inch square pan well.
Sift confectioner's sugar and cocoa together into a large microwave-safe bowl. Set aside.
Melt the butter. Measure out peanuts, milk and peanut butter morsels.
Add the melted butter and the milk to the confectioner's sugar/cocoa mixture. Stir well until most of the dry ingredients are moistened.
Place the bowl in the microwave and heat on HI for 2 minutes, until it bubbles. Stir in the peanuts, stirring until all the sugar is dissolved.
Pour quickly into the prepared pan. Make sure it's pretty evenly distributed in the pan.
Sprinkle with the peanut butter morsels, lightly pressing the morsels into the chocolate mixture. Cool for about 15 minutes on the counter, then refrigerate until throroughly chilled.
Makes 16 one-inch squares.