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1. Grease a 9 X13 inch pan and set aside.
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2. In a large microwave proof bowl (or in a large pot on the stove) melt marshmallows and butter together and stir until smooth. Add vanilla extract and stir again.
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3. Add in Rice Krispie Cereal and gently fold until combined. Add as much or as little as you want depending on if you like your treats chewier or more crispy.
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4. Dump into prepared pan and use a buttered spatula (or hand) to press the treats down flat.
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5. In a small sauce pan, melt caramels, sweetened condensed milk and butter together over medium heat. Stir occasionally and until smooth.
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6. Pour over rice krispies and let set, about 10 minutes or you can pop in the fridge to speed up the process.
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7. Melt chocolate over the stove or in a microwave (you can add a little butter or oil if you want it the be thinner) and then pour over caramel layer and use a spatula to spread out.
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8. Let set and cut with a warm knife.