Coat a 9x13 pan with margarine and set aside.
In a medium saucepan, combine sugar, evaporated milk, margarine, and marshmallows
Heat over medium heat and boil a full 6 minutes, stirring constantly.
Remove from heat and add cherry chips and vanilla
Stir until chips are melted, and set aside.
Separately, melt chocolate chips and peanut butter. Add crushed peanuts.
Spread half of chocolate mixture on bottom of pan. Chill until firm.
Spread all of cherry filling on top. Chill again.
Spread rest of chocolate mixture over top. Keep chilled.
Allow to come to room temperature before cutting into small squares.