Lay out wax paper, with one side coated in butter to prevent the apples from sticking.
Place stick into apples, and coat with caramel sauce. Place on wax paper.
Divide Betty Crocker Whipped vanilla frosting in two microwaveable dishes. Microwave for 10-15 seconds or until smooth enough to drizzle, make sure to not overheat as it will become liquid. Use the food coloring to make one orange and one yellow.
With a spoon, drizzle the yellow frosting back and forth around the apple in a striping pattern, then continue with orange frosting.
Place 1/2 cup peanut butter into plastic bag, seal, and cut off small tip. Drizzle peanut butter in striping pattern around apple.