12 oz. chocolate chips (semi-sweet or milk chocolate)
1/2 c. butter
1 c. peanut butter
12 c. Rice Chex cereal
2-4 c. powdered sugar

Melt chips and butter together. Add peanut butter. Pour mixture over cereal and peanuts. Mix well. Shake coated cereal with powdered sugar in a large bag until cereal is thoroughly coated. Store in airtight container.