How to Make It
Pour the cereal in a large bowl.
Place the chocolate chips, peanut butter, and butter in a medium-size glass bowl and microwave in 30-second intervals until the chips begin to lose their shape. Stir until melted and smooth. (You can also do this in a small saucepan over low heat.) Stir in the vanilla. Pour over the cereal and stir gently until it’s coated. Transfer to a large zip-top bag or airtight container.
Sift half of the powdered sugar over the cereal, close securely, and shake well. Repeat with the remaining powdered sugar.
Spread onto a baking sheet and let stand until cool, separating any large clumps.
Store in an airtight container.
You can add things to your Puppy Chow once it has cooled, such as peanuts, M&Ms, or dried fruit bits.