LINE 9-inch square pan with wax paper.
COMBINE sweetened condensed milk, peanut butter, water, vanilla and salt in heavy saucepan; stir in cornstarch. Cook and stir over medium heat until thickened and smooth.
ADD candy coating; cook and stir until melted and smooth. Spread evenly in prepared pan.
CHILL 2 hours or until firm. Cut into squares; roll firmly in peanuts to coat.
COMBINE sweetened condensed milk, peanut butter, water, vanilla and salt in 1-quart glass measure; stir in cornstarch. Cook on HIGH (100% power) 2 minutes; mix well. Melt candy coating in 2-quart glass measure on MEDIUM (50% power) 3 to 5 minutes, stirring after each minute. Add peanut butter mixture; mix well. Proceed as above.