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1. Grease an 8-inch round cake pan with softened butter. Pour the chocolate and peanut butter chips, condensed milk and vanilla into a medium saucepan. Put the pan on the stove and turn the heat to low.
2. Cover the empty condensed milk can with plastic wrap and put it in the center of the round cake pan.
3. Stir the chips and milk until they melt together, about 3 minutes. Stir in nuts and raisins. Scoop the fudge into the cake pan all around the plastic-covered can in the center to form a wreath or ring shape. Let it be all bumpy on top. Keep pushing the can back to the center if the fudge moves it away from there. Cut the red cherries in half with scissors and the green cherries into quarters. Use the green pieces to make leaves and the red to make holly berries. Decorate the fudge with several groups of holly berry sprigs made from the cherries and garnish with walnuts between the sprigs.
4. Put the fudge in the fridge and chill until firm. Remove the can from the center, then loosen the sides and bottom of the fudge with a spatula. Cut the fudge into thin slices to serve.
To give the wreath as a gift-wrap in cellophane and secure with a bow or ornament.
HINT: Do not chill until past the firm stage, as the wreath will be increasingly difficult to remove from the pan.
VARIATIONS: Substitute the chocolate chips with white chocolate chips, 1 1/2 oz bag plus one cup.
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