I use the proportions of the standard "Muddy Buddy" recipe (listed on back of the Chex cereal box) with one essential change: white chocolate chips instead of semisweet chocolate chips. This tweak is critical. Trust me.
Here's the recipe with my tips ...
9 cups of Chex (rice or corn, your choice -- generic brand works fine)
1/2 cup peanut butter
1/4 cup butter
1 cup white chocolate chips
1 teaspoon vanilla extract
1 1/12 cups of powdered sugar
large flexible bowl
medium-sized microwave safe bowl
2-gallon plastic storage bag (zip top better than slide top if you can find it).
sheet of wax or parchment paper
1. Pour 9 cups of Chex in a large plastic bowl (a cheap bowl that you can bend a bit works best).
2. Melt white chocolate chips, butter, and peanut butter in a microwave safe bowl for one minute and then in small increments as needed. Stir until the lumps are gone.
3. Stir in vanilla extract.
4. Pour melted goodness over the Chex. Stir gently with a spatula so that you cover the Chex without crumbling it.
5. Pour powdered sugar into your giant plastic storage bag. Then pour in the gooey Chex and seal bag tightly. Shake the bag so that the powdered sugar covers the Chex.
6. Pour your finished puppy chow onto a sheet of parchment or wax paper to cool.
7. Make someone's day! Then, go back to step one and make another batch. You can use the same bowls and the same plastic bag.
I've given batches of puppy chow as new neighbor gifts, thank you gifts, and hostess gifts. I've brought it as the "dessert" for my tennis team lunch before. People love it. Only caveat is to be aware of peanut allergies and never send in to school and never serve for a group of kids unless you know for sure there are no allergies.
One more bonus? It's gluten free.