Melt chocolate chips and butter in microwave; spread on the bottom of the pie crust. Chill a few minutes till set.
Melt caramels and cream in glass bowl in microwave, stirring often. Cool slightly, add peanuts and pour into pie shell. Chill.***
Melt the 1 cup of chips and 2 T butter in the microwave for about 1 minute. Stir until smooth. Let sit for 15 minutes.
Fold about 1/3 of the Cool Whip into the cooled chocolate mixture. Fold in remaining Cool Whip.
Spread over caramel layer and chill till set; at least 4 hours, preferably overnight. I’ve decided I like this pie best after it sits in the fridge for at least 1 whole day, preferably 2!
Garnish pie with whipped cream, caramel, chocolate and peanuts just before serving.
*** I’ve made this pie 2 ways- one way, you chill the caramel-peanut layer BEFORE layering the chocolate Cool Whip on top. If you do this, you have more peanuts and caramel on the very bottom of the pie.
The other way, skip cooling the caramel-peanut layer and just whip up the chocolate Cool Whip mixture and layer it right on top. It’s a bit trickier- the caramel goes up the sides of the pie and you have to add the cool whip gently so it doesn’t overflow. This way, when you slice the pie after it’s set, there’s caramel covering the entire crust of the pie, and some of it is even peeking out on the top. Scroll down and you can see what I’m talking about. I love it both ways- just thought I’d give you the option!