Melt the white chocolate until smooth over low heat in a large saucepan. Add the peanut butter and stir until smooth. Remove the pan from the heat and stir in the rice cereal, marshmallows, and peanuts. Mix well.
Spread the mixture out on wax paper-lined baking sheets and refrigerate to set. Once firm (I like to let it set overnight), break it into pieces. Store the bark in a covered container (great for your Lock & Lock!).
If you don't want to make this as a bark, you can also make individual candies by dropping the mixture (by heaping teaspoonfuls) on baking sheets. Let them chill overnight.
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