12 oz. pkg. chocolate chips
1/2 c. (1 stick) butter
3/4 c. creamy peanut butter
1 (12.3 oz.) box Crispix or Chex cereal
1 1/2 c. powdered sugar

Melt chocolate chips, butter and peanut butter in a saucepan or in microwave safe bowl in microwave. Blend well. Pour cereal in big bowl. Pour melted mixture over cereal and coat well. Let cool slightly. Shake sugar over cereal mixture to coat. Spread out on cookie sheets to cool, then store in plastic container in freezer.