In microwaveable bowl, microwave white vanilla baking chips, uncovered, on high about 1 minutes 30 seconds, stirring every 30 seconds, until chips can be stirred smooth. Stir in half the crushed peppermint candy.
Pour over Chex cereal; toss to evenly coat. Spread mixture in single layer on cookie sheet. Immediately sprinkle with remaining candy. Let stand until set; about 20 minutes. Gently break up coated cereal. Store in airtight container. ENJOY!