In a large mixing bowl, combine the creamy peanut butter, powdered sugar, softened unsalted butter, and vanilla extract. Use a spatula to mix until everything is well combined and smooth.
Gently fold in the crisped rice cereal into the peanut butter mixture, ensuring even distribution.
Using a cookie scoop or melon baller, portion out the mixture and roll it into small balls, about one inch in diameter. Place the formed truffles onto a parchment-lined baking sheet.
Place the baking sheet in the refrigerator for at least 30 minutes, or until the truffles are firm to the touch.
Melt the milk chocolate chips in a microwave-safe bowl, heating in 30-second intervals and stirring until smooth.
Dip each chilled truffle into the melted chocolate, allowing excess chocolate to drip off before placing back on the parchment-lined sheet.
Let the chocolate-coated truffles sit at room temperature until the chocolate has set, or refrigerate for a quicker process.
Once the chocolate has hardened, your truffles are ready to be enjoyed! Store them in an airtight container.
