This is one of my favorite Christmas candies!
In a large saucepan over medium heat, stir together sugar, milk, marshmallows, butter, and salt. Simmer for about 5 minutes or until mixture reaches soft ball stage, 240 degrees F (115 degrees C). Turn off heat. Add cherry chips and vanilla; stir until melted.
Pour mixture into a well-greased 9x13 inch pan, and let cool until firm.
In a microwave, or in a saucepan over low heat, melt chocolate chips and peanut butter. Pour over cherry mixture and spread evenly. Allow to cool completely before cutting.
Per Serving: 558 calories; protein 7.3g; carbohydrates 71.9g; fat 29.8g; cholesterol 24.4mg; sodium 189.6mg.