For anyone who has never heard of this snack (and don't feel ashamed, I hadn't until last summer) here's the recipe.
1/2 cup butter
1 cup creamy peanut butter
1 (17.5 ounce) package crispy corn or rice cereal
1 pound confectioners' sugar*
Melt butter, peanut butter, and chocolate chips together over low heat until creamy.