http://www.chex.com/recipes/chex-muddy-buddies/
In 1-quart microwavable bowl, microwave 1 cup of semisweeet chocolate chips, 1/2 cup of peanut butter and 1/4 cup of butter uncovered on High 1 minute; stir. Microwave about 30 seconds longer or until mixture can be stirred smooth. Stir in 1 tsp vanilla. Pour mixture over 9 cups of chex cereal, stirring until evenly coated.
Pour into 2-gallon resealable food-storage plastic bag. Add 1 and 1/2 cups of powdered sugar. Seal bag; shake until well coated. Spread on waxed paper to cool. Store in airtight container in refrigerator.
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