Kids love to call this treat "dog food", but it's really a snack for humans.
Pour cereal in a large bowl. In a saucepan, melt butter and chocolate chips. Stir until creamy. Add peanut butter and stir until it is melted. Take off heat. Pour chocolate mixture on cereal mixture. Stir until well coated. Sprinkle on confectioners' sugar and mix or shake until cereal is coated good.
NOTE: You can shake this in a plastic bag or in a large bowl with a lid.
Note: This recipe is for humans. Do not feed chocolate to dogs, as it is presumed to be toxic.