Melt butter with peanut butter and chocolate chips. Add Vanilla. (I do this in the microwave)
Por chocolate mixture over cereal and toss to coat each peiece..work quickly
I then put this into a plastic trash bag, add powdered sugar and shake bag to coat. Some people have told me they add other things to thiers such as marshmellows and M&m's. I personally havent tried it that way yet.