Clear space in your refrigerator for large plates or baking sheets. Cover plates or baking sheets with parchment paper. Set aside.
In a medium sized mixing bowl combine peanut butter, icing sugar and butter, ideally with a stand mixer or handheld mixer.
Add cereal and gently combine.
Place 1 to 1 ½ inch balls or blobs on the parchment paper and refrigerate until set, at least 3 hours.
Slowly melt chocolate in microwave or on your stovetop. Do not boil or overheat. You just want to warm the chocolate. If chocolate isn't smooth add a teaspoon or two of butter and stir until blended.
Take cold peanut butter balls and stab with a small fork, one at a time. Dip and roll around in the chocolate, allow excess chocolate to drip off, return to parchment paper and then back in the refrigerator to set for another few hours.
Use extra melted chocolate to drizzle on top of balls, if desired. Simply use a spatula and scrape melted chocolate into a small bag and cut the corner off. Squeeze and drizzle chocolate on top of each ball and refrigerate until set.