9 cups Chex Cereal (you can use Rice, Corn, Wheat or a mixture)
In a microwave safe bowl melt peanut butter, chocolate and butter. It normally takes 1 minute on high.
Add vanilla and mix well.
In a large bowl pour in cereal. Pour peanut butter/chocolate mixture over cereal and stir well. Make sure all the cereal is covered in the chocolate.
In a large zip-lock bag add powdered sugar. Add the cereal mixture, close the top and shake the bag. You want the cereal completely covered in the sugar. You might need to do this in batches adding 1 cup powdered sugar to 3 cups cereal.