Place the Rice Chex cereal into the large bowl and set aside.
9 cups Rice Chex Cereal
In a medium saucepan combine the milk chocolate chips, butter, and peanut butter over medium heat, stirring often with the rubber spatula, until smooth and creamy.
1 cup Milk Chocolate Chips, ¾ cup Creamy Peanut Butter, ¼ cup Unsalted Butter
Pour the chocolate mixture over the cereal and gently stir to coat completely. Allow to cool for 5 minutes.
Add the powdered sugar and stir until all pieces are coated. Add more powdered sugar if necessary.
1½ cups Powdered Sugar
Completely cool the mixture before adding the M&Ms and sprinkles.
½ cup Holiday M&Ms, ¾ cup Christmas Sprinkles