Melt chocolate and butterscotch morsels with condensed milk in a double boiler. Stir occasionally until melted and thickened.
Remove from heat and stir in chopped walnuts and vanilla. Blend well.
Pour into a dish and chill until firm enough to cut.
For a Christmas variation, line a 9-inch pie plate with foil. Chill the mixture until thickened, then spoon into a ring shape. Decorate with spearmint leaves and cherries for a festive wreath.
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