in a microwave safe bowl, melt caramels, butter and water. Stir until smooth. Spread one side of each pretzel with peanut butter; top with 1/2 tsp caramel mixture. Place on waxed paper lined cookie sheets. Place in fridge till set.
Melt chocolate wafers in microwave safe bowl. Using small fork, dip each pretzel into chocolate, shake off excess. Place back on wax paper. Let stand till set. Store in an airtight container in a cool, dry place. (If I’m in a hurry and making these just for us, I just spoon the chocolate over the pretzels on the cookie sheets, they don’t look as neat and pretty, but it is ALOT faster and they don’t last long anyways, so they don’t need to be pretty just for us!!)