In a medium saucepan, combine the granulated sugar, light corn syrup, unsalted butter, and evaporated milk. Heat over medium heat until bubbling, making sure to stir constantly.

Continue stirring for about 5 minutes until the mixture thickens and takes on a glossy sheen.

Remove from the heat and stir in the vanilla extract, mini marshmallows, and milk chocolate chips until the mixture is smooth and creamy.

Pour the nougat mixture into a greased 8x8 inch pan and chill it in the refrigerator for 30 minutes to let it set.

While the nougat is chilling, melt the unwrapped caramels with 2 tablespoons of milk over low heat until they melt completely and are smooth.

Pour the melted caramel over the chilled nougat layer and return the pan to the fridge to set for another 30 minutes.

Once well-chilled, cut the nougat-caramel block into bars of your desired size.

Melt the remaining milk chocolate chips in a microwave or double boiler, adding vegetable oil if desired for a smoother texture. Dip each bar into the melted chocolate, allowing any excess to drip off.

Place the dipped bars on a parchment-lined tray to cool and set completely.