In a microwave bowl, melt caramels with butter and water, stir until smooth. Spread one side of each pretzel with 1 tsp peanut butter, top with 1/2 tsp caramel mixture. Place on waxed paper lined baking sheets. Refrigerate until set.
In a microwave sheet, melt candy coating. Using a small fork, dip each pretzel into coating until completely covered, shake off excess. Place on waxed paper. Let stand until set.
Add Recipe
