1 box (12 oz.) Rice chex cereal
2/3 c. creamy peanut butter
1 bag (12 oz.) chocolate chips or 1 butterscotch chips
1 stick butter
1 box (1 lb.) powdered sugar

In microwave or in a double boiler, melt peanut butterscotch chips and butter together. Stir until smooth. Pour over cereal, stir until coated. Put powdered sugar in a clean bag and pour in cereal. Close bag and shake until all cereal is coated.