In a microwavable bowl, microwave chocolate chips, peanut butter, and butter uncovered on High 1 minute. Stir. Microwave again for about 30 seconds longer or until mixture can be stirred smooth.
Stir in vanilla.
Pour mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable food-storage plastic bag.
Add powdered sugar. Seal bag and shake it until well coated.
Add more powdered sugar and shake it again if you want your puppy chow to be more white.
Red and Green Christmas Puppy Chow
Microwave the first batch of candy melts according to package directions.
Pour mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable food-storage plastic bag.
Add powdered sugar. Seal bag and shake it until well coated.
Repeat this process for each color of cereal you want.
Combine all colors into a large bowl and enjoy! If you want, you can add red and green peanut M&M's.
Store leftover Reindeer Chow in an airtight container in the fridge or at room temperature.
Notes
Store leftover Reindeer Chow in an airtight container in the fridge or at room temperature.