Melt butter, peanut butter and chips together in saucepan over medium heat or melt in bowl in microwave. Pour chocolate mixture over cereal in a large bowl. Stir to coat. Put powdered sugar in brown grocery bag and pour cereal into bag and shake to coat. Cut open bag to lay flat and spread out coated cereal. Sprinkle with extra sugar if necessary.
Recipe Courtesy of Food Network Kitchens