The technical name for this is Chex Muddy Buddies - but we always called it puppy chow. I only make it at Christmas and it's sooooo good!!!
9 cups Chex cereal (I use Rice - you could also use Wheat or Corn)
1 cup semi-seweet chocolate chips
1/2 cup peanut butter
1/4 cup butter/margarine
1 tsp vanilla
1 1/2 cups powdered sugar
Measure cereal into large bowl and set aside.
Place chocolate chips, peanut butter and butter into microwave-safe bowl. Microwave at 30 second intervals, stirring between, until melted and smooth. Stir in vanilla.
Pour chocolate mix over cereal and stir until thoroughly coated. Pour into two gallon resealable bag. (I didn't have one of these, so I just used a double layer Wal-Mart bag)
Add powdered sugar. Seal bag and shake well. Spread cereal onto waxed paper to cool. Store in airtight container.
You can put this in cute little Christmas baggies to take to neighbors/friends. Yummy!!