To make the peanut butter fudge, add the peanut butter and butter to a large microwave safe bowl and microwave for 1 minute and 30 seconds. Stir well and return to the microwave for another 1 minute and 30 seconds.
Add 1 teaspoon of vanilla and a pinch of salt to the peanut butter mixture along with the powdered sugar.
Stir well to combine. Mixture will be thick.
Spread mixture into a lined 8x8 baking dish and place in the refrigerator for 30 minutes.
To make the chocolate fudge, add the sweetened condensed milk, chocolate chips, and butter to a microwave safe bowl and microwave for 1 minute and then stir. Continue microwaving and stirring in 30 second bursts until mixture is completely melted and smooth. Stir in the remaining 1 teaspoon vanilla.
Spread the chocolate fudge over the peanut butter fudge and return to the refrigerator for 2 hours to set.