1 (12 oz.) pkg. semi-sweet chocolate morsels
1 can sweetened condensed milk
2 c. oven toasted rice cereal
1 c. peanuts

In top of double boiler melt morsels over boiling water; stir in sweetened condensed milk. Remove from heat; stir in cereal and peanuts. Drop by teaspoon onto waxed paper lined baking sheets; chill 2 hours or until firm. Stir at room temperature in loosely covered container.