Pour chow mein noodles and peanuts in a very large mixing bowl. In a separate bowl, heat butterscotch, peanut butter and honey in microwave on 30 second intervals. Stirring between each interval. Once melted stir in vanilla. Pour over noodles and peanuts, combine well.
Next, lay out wax paper. You can either drop the mixture onto the paper to form "haystacks" or use 2 spoons to shape mixture into little nests. Allow to cool & set for 2-4 hours. Add jelly beans to nests for a fun Easter themed treat!