In a large microwave safe bowl, combine sweetened condensed milk, peanut butter, white chocolate, and vanilla extract.
Microwave in 30 second increments until melted, stirring in between.
Pour into the prepared pan and spread out with a rubber spatula.
Refrigerate until set, about 2 hours. Remove from pan and cut into small pieces for serving. Store in the fridge.
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Notes
DO NOT use a natural peanut butter in this recipe as results will vary.
Chunky peanut butter can be used in the same amount, or add 1/2 cup of roughly chopped peanuts to the mixture once melted.
No microwave? No problem! Combine all ingredients in a medium-sized saucepan on the stove over medium heat. Stir constantly until all ingredients are melted and the mixture is smooth. Pour into prepared pan and refrigerate until set.