Line a 13 x 9 x 2 baking pan with foil.
Blend 1/4 cup of butter, cocoa, and peanut butter bits.
In a 4-quart pan, combine sugar, marshmallow creme, evaporated milk, and 1/4 cup butter.
Cook over medium heat, stirring constantly until mix comes to a rolling boil; boil 5 minutes.
Add to chocolate mix.
Beat until peanut butter chips are melted and the mix is smooth.
Spread evenly in pan and cool.
When cooled, lift from pan and cut.
Store in an airtight container.
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