Melt the chocolate, butter and peanut butter together. You can make puppy chow using a microwave or on the stove top. Microwave method: add the chocolate chips, peanut butter and butter to a large microwave safe bowl. Next, microwave for 1 minute, remove and stir. Microwave for an additional 30 seconds, then stir. The rest of the melted ingredients will help the remaining lumps of chocolate chips to melt while stirring. If needed, microwave in 15 second increments until chocolate is melted and smooth.Stove top method: add the chocolate chips, peanut butter and butter to a large pot over medium-low heat. Stir the chocolate mixture constantly until the chocolate is mostly melted, then remove from the heat and continue to stir until completely melted and smooth.
Next, for either method, add the rice cereal to the pot or bowl with the melted chocolate. Gently stir the chocolate and cereal together until the cereal is completely coated with chocolate.
Next, add half the powdered sugar and stir to coat the cereal. Add the rest of the powdered sugar until the cereal is evenly coated with powdered sugar. You can eat this right away or allow to dry and eat later. This will keep on the counter in an airtight container for up to a week. (But I guarantee it won’t last that long!) Enjoy!
Notes
*You can use regular butter for this, or if you don't have butter you can omit it or add a few tablespoons of neutral tasting oil like grapeseed or canola. The butter helps the chocolate to be smoother and more viscous.**You can use Rice Chex or any kind of Cheerios.