This is my 18-year-old brother's favorite Christmas treat. :) The recipe is adapted from chex.com, where there are LOTS of yummy things to do with that versatile little cereal!
9 cups rice or corn Chex cereal
1 cup semisweet chocolate chips
1/2 cup peanut butter
1/4 cup butter
1 teaspoon vanilla
1 1/2 cups powdered sugar
Measure cereal into large bowl and set aside.
In microwaveable mixing bowl, microwave chocolate chips, peanut butter, and butter uncovered on HIGH one minute. Stir. Microwave about 30 seconds longer until mixture can be stirred smooth. Add vanilla. Stir. Pour over cereal. Stir until evenly coated. Add powdered sugar. Toss to coat. Allow to cool. Store in an airtight container.