In food processor pulse all chocolate chips until they are mini-chip size.

About half-way through above process, add peanuts to the food processor.

When all are coarsely chopped, transfer to a cookie sheet with sides. Set aside.

In a small, heavy saucepan combine brown sugar, corn syrup and butter.

Bring to boiling over medium heat, stirring constantly.

Stir in sweetened condensed milk.

Return to boiling over medium heat, stirring constantly.

Reduce heat to medium-low.

Continue cooking, stirring constantly, until mixture reaches 236 degrees.

This takes about 10 minutes - adjust heat to maintain a steady boil.

Remove saucepan from heat, stir in vanilla.

Cool 5 to 8 minutes or until slightly thickened.

Break long pretzels into halves.

Dip each pretzel (broken end) into caramel mixture leaving about 2 inches for handle.

Roll carmel covered pretzel into nut/chip mixture, pressing down or use back of spoon.

Place completed pretzel on wax paper on a large cookie sheet, until set.

Refrigerate until firm, place in large ziplock bags - store in refrigerator up to 5 days.

Or freeze - can be stored for a month.