Line 8in square pan with foil, extending foil over edges of pan. Place peanut butter chips and 2/3 cup sweetened condensed milk in small microwave-safe bowl. Microwave on high for 1 to 1 1/2 minutes, stirring after 1 minute, until chips are melted and mixture is smooth when stirred. Stir in 1/2 tsp vanilla, spread evenly into prepared pan.
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