Line 2 baking sheets with parchment paper and set aside.

Place caramels, butter and cream in a large microwavable bowl and microwave for 1 minute increments at 50% power, stirring occasionally, until melted and smooth. Stir in vanilla and peanuts.

Let mixture cool to room temperature, then drop by heaping tablespoons onto prepared pans. Place pans in freezer for 20-30 minutes, or until set.

Meanwhile, melt chocolate in the microwave at 50% power in one minute increments, stirring after each minute, until melted and smooth.

Dip caramel clusters into melted chocolate, tapping off excess chocolate, then return to the parchment lined baking sheets to set. Store in an airtight container.