In medium microwave-safe bowl, combine butter, peanut butter and chocolate chips and microwave on high for 2 to 3 minutes, stirring once during cooking, until mixture is melted and smooth. Place the cereal in another large bowl and pour the melted mixture over the cereal. Stir until the cereal is thoroughly coated. Pour the powdered sugar into a large plastic food bag. Pour the coated cereal into the powdered sugar and shake until it is well covered with the sugar. Pour the cereal onto wax paper to cool and dry. Store in tightly covered containers at room temperature.
|