Preheat oven to 250 F.
In microwave on high heat using large, microwavable bowl, melt peanut butter and butter 1 minute.
Add marshmallows and microwave on high 1 minute, or until marshmallows puff; stir.
Add popcorn, shredded wheat, peanuts and raisins; stir gently.
Place paper liners in two 12-cup muffin pans. Divide mixture into 24 cups.
Bake 10 minutes.
Remove from oven and tore “cups” in airtight container.