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1. In the top of a double boiler placed over gently simmering water, or in heavy small saucepan, combine the chocolate pieces and 1/4 cup milk. Heat, stirring constantly, over low heat until chocolate is melted and smooth. Stir in the peanut butter. Cook and stir till heated through. Stir in additional milk, 1 tablespoon at a time, until desired consistency.
2. Pour mixture into a fondue pot; place over fondue burner set on low. With fondue forks or long skewers, dip fruit dippers, cake cubes and/or marshmallows into chocolate mixture. (Will hold up to 1 hour on low. If mixture gets too thick, add milk 1 tablespoon at a time.) Makes 5 (1/4-cup) servings.