In a large mixing bowl, cream the butter, peanut butter, sugars and water; Beat in eggs and vanilla.
Combine the flour, oats, baking soda and salt; gradually add to creamed mixture. Spread into a greased 15-in. x 10-in. x 1-in. baking pan. Bake at 325-degrees for 18-22 minutes or until lightly browned.
For glaze, in a microwave safe bowl, melt chips and peanut butter; pour over warm bars and spread evenly. Cool completely on a wire rack before cutting.