Put the chocolate chips, peanut butter, and butter in a bowl that can go in the microwave. Heat it for 1 minute. Take it out and stir it. Put it back in the microwave for another 30 seconds or until it's mixed together well. Finally, stir in the vanilla extract.

Put the cereal into a big bowl. Mix in the chocolate and peanut butter. Stir it until the cereal is covered all over.

Put the cereal in a big baggie. Sprinkle the sugar on top. Close the baggie and shake it until the cereal is covered with sugar.

Spread on parchment paper or waxed paper. Let sit until cool and chocolate is set.

Enjoy immediately or store in an airtight container.