I don't know where my mother found this recipe, but it is a family favorite for as long as I can remember, though I've made a few alterations for convenience and personal preference: namely leaving out the candied cherries and adapting it to the microwave. It freezes well and makes a big pan.
2 1/2 cups white sugar
3/4 cup butter (use the real thing!)
2/3 cup evaporated milk
1/2 tsp salt
1 1/2 cup creamy peanut butter (I've had the best luck with Jif)
1 7oz jar marshmallow cream
1 tsp vanilla
1 12oz bag M&Ms
In a large microwave safe mixing bowl combine sugar, butter, milk, and salt. Microwave on high for 8 1/2 minutes (may take more or less time depending on your microwave) stirring every 2-3 minutes, watching that it does not boil over. Remove from the microwave (will be extremely hot, use oven mitts) and stir in peanut butter until melted, at this point it may or may not look really creamy and wonderful. If it has a weird curdled texture, don't worry, it will still taste great, I think it is just that some of the oils separate from the peanut butter, which didn't happen with the Jif but I've seen it with other brands. Stir in the marshmallow creme and the vanilla and mix until blended then add the M&Ms. Pour into a 9x13 inch cake pan and allow to cool. Cut into squares and serve or freeze. I keep mine in the fridge so it is more firm when eaten. If it doesn't set properly, increase the microwave time with the next batch, and stick this batch in the freezer to improve consistency.
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