Chad loves this stuff and I try to make it for him each Christmas. From allrecipes.com...
1 stick butter
1 cup creamy peanut butter
2 cups milk cocolate chips
1 box toasted rice cereal
1 box powdered sugar
-Make a double boiler by filling a pot about 1/3 full of water and turn the burner on medium. Set a glass bowl on top.
-Add chips to the glass bowl constantly stir melting the chocolate chips. Once chips are melted add butter and stir until melted. Once butter is melted add peanut butter and stir until melted.
-Pour box of cereal into big bowl and pour chocolate mixture onto cereal and stir carefully until cereal is well coated.
-Working quickly, get 3 gallon sized ziploc bags and pour some of the powdered sugar into each bag. Evenly divide the chocolate coated cereal into each bag and then evenly top each bag with the rest of the powdered sugar. Give each bag a good shake getting the powdered sugar all over the cereal.
-Once it is coated in powdered sugar store in an air tight container.