Reindeer Munch is a fun Christmas twist on your favorite holiday treat. Some people call it muddy buddy while others call it puppy chow. Whatever you call it, all the reindeer will be really happy when you make this!
In a microwave safe bowl, combine the butter and peanut butter. Heat for 1 minute and remove from microwave. Stir until butter is melted and combined with peanut butter. If you need to, you can put back in the microwave for 30 seconds.
Once they are melted and combined, add in the chocolate chips. Heat in microwave for 30 seconds at a time, stirring in between until the chocolate is melted and smooth. Add in the vanilla.
In a large bowl, add 1/4 of the Chex cereal and drizzle 1/4 of the chocolate mixture over it. Stir around gently until all pieces are coated.
In a covered container or brown paper sack, add in 1 cup of powdered sugar and the chocolate covered cereal. Close and shake until all pieces are covered and transfer to an airtight container.
Continue with the remaining cereal, chocolate mixture, and powdered sugar in 1/4 batches at a time. Doing it in 1/4 batches provides better coverage on the pieces.
Once you've got them all done and transferred to your airtight container, add in the M&Ms and give it a gentle shake to combine. Enjoy!