Preparation - Melt the butter in a large saucepan. Add the peanut butter and cook over medium heat, stirring constantly until smooth. Remove from heat and stir in the cereal and confectioners sugar. Shape into 1" to 1 1/4" round balls. Melt the chocolate chips in the microwave oven or in a double boiler. Dip each peanut butter ball into the melted chocolate 3 times to form a generous chocolate coating.
