1 (12 oz.) box Rice Chex
1 stick butter
1 c. peanut butter
1 pkg. peanut butter, butterscotch or chocolate chips (8 - 12 oz)
2 1/2 c. powdered sugar

Melt butter, peanut butter and chips. Stir and pour over cereal. Mix well. Put powdered sugar in a large bag or bowl. Add cereal and shake or mix well.