Prep Time: 10 minutes
Cook Time: 2 minutes
Total Time: 12 minutes
9 cups crispy rice or corn cereal, such as Rice Chex or Corn Chex
1 cup chocolate chips (milk, semisweet or dark chocolate)
1/2 cup creamy peanut butter
1/4 cup butter
1 tsp. vanilla extract
1-1/2 cups powdered sugar
Place cereal in a large bowl. Set aside.
Place chocolate chips, peanut butter and butter in a microwave-safe bowl. Heat on high 1 minute. Stir, and continue heating in the microwave in 30-second increments until the chocolate chips are completely melted. Stir in the vanilla extract.
Pour the chocolate mixture over the cereal, and toss with a spatula or large spoon to coat the cereal well.
Place the powdered sugar in a gallon-size plastic, zipper-sealed bag. Add the cereal in batches, shaking to coat it well with the powdered sugar. Transfer to a baking sheet to cool completely. Store in an airtight container.