01 -
Combine peanut butter, butter, and milk chocolate chips in a microwave-safe bowl.
02 -
Microwave the mixture for 1 minute. Stir thoroughly until smooth and creamy, then blend in vanilla extract.
03 -
Place Chex cereal in a large bowl with a lid. Pour chocolate mixture over the cereal.
04 -
Cover and shake the bowl until all cereal pieces are evenly coated.
05 -
Add powdered sugar to the bowl. Cover and shake again until the cereal is fully coated in sugar.
06 -
Fold in M&Ms and, if desired, additional sprinkles before serving.