1. In small heavy saucepan combine caramels and water. Cook and stir over low heat until smooth. Remove from heat. Stir in peanut butter until combined.
2. Place KELLOGG'S RICE KRISPIES TREATS Original bars on wax-paper-lined baking sheet. Spoon caramel mixture over tops. Press pretzel twists and peanuts into caramel mixture. Cool about 10 minutes or until set.