In a medium saucepan over low heat add your chocolate and butterscotch chips, condensed milk and vanilla. Mix well, stirring often until melted.
Meanwhile....spray cake pan with Pam. Cover the empty condensed milk can with plastic wrap and put it in the center of the round cake pan.
Stir your nuts and raisins into your saucepan mixture. Scoop the fudge into the cake pan spreading all around the plastic covered can in the center to form a wreath or ring shape. Let it be all bumpy on top. Keep pushing the can back to the center if the fudge moves it away from there. Cut the red cherries in half with scissors and the green cherries into quarters. Use the green pieces to make leaves and the red to make holly berries. Decorate the fudge with several groups of holly berry sprigs made from the cherries. You can choose not to garnish at all and leave it simple.
Put the fudge in the fridge and chill until set. Carefully remove the can from the fudge, then loosen the sides and bottom with a thin knife. Cut into thin slices to serve.