Divide powdered sugar into two gallon-sized freezer bags. Set aside.
In a heavy saucepan over lowest heat, melt together chocolate chips, peanut butter, and butter, stirring frequently until just melted. Remove from heat promptly (if your'e not careful, it will quickly go from nicely melted to clumpy.) Stir in vanilla extract.
In a large bowl, use rubber spatula to mix Chex cereal with the melted peanut butter mixture.
Divide cereal mixture evenly into the freezer bags containing powdered sugar. Shake bags until cereal is thoroughly coated with powdered sugar. If needed, add more powdered sugar to coat.
Serve tossed with M&M's of your choice. Store in airtight container for several days (but it probably will get eaten well before that).
Notes
Before you start, make sure to measure out your Chex Cereal so it's ready to go; this will help keep the process smooth and mess-free.
To prevent your chocolate from seizing, melt the chocolate chips, peanut butter, and butter on the lowest heat possible and remove it from the heat as soon as it's just melted.
When stirring in the vanilla extract, do it off the heat to avoid any chance of the chocolate mixture becoming clumpy.
Shake the coated cereal in two gallon-sized freezer bags with powdered sugar in batches if needed; this ensures that all pieces get a fair share of the sweet coating.
Customize your Muddy Buddies for any occasion by choosing M&Ms in colors that match the theme, or add in extra treats like candied nuts or pretzels for an extra crunch.
Store your Muddy Buddies in an airtight container to keep them fresh, but let's be real—they're so delicious, they probably won't last long enough to need storing!
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