Chex Muddy Buddy Snack 9 cups Chex cereal 1 cup chocolate chips ½ cup peanutbutter ¼ cup butter 1 teaspoon vanilla 1 ½ cups powdered sugar Microwave chips, peanutbutter and butter until melted, stirring after each minute. Stir in vanilla. Pour smooth mixture over cereal and mix until coated. Pour cereal into large ziploc bag with powdered sugar. Shake until all pieces are coated. Spread on wax paper and cool.