1. Pour the cereal in a large bowl (the bigger the better because it makes it easier to stir. Set aside.

2. In a microwaveable bowl, pour the chocolate chips, peanut butter and butter. Microwave for 1 minute, stir and microwave for 30 more seconds. Continue until all melted and smooth. Add vanilla.

3. Pour the chocolate mixture over the cereal and stir until all is covered.

4. Transfer cereal to a large ziploc bag and pour the powdered sugar in the bag and give it a good shake until all is coated.

Note: You can add a little powdered sugar at a time and shake between each addition, this can help coat more evenly.