In a large bowl, beat peanut butter and butter until combined.
Slowly add in confectioners' sugar and beat until smooth; Stir in cereal.
Use a small cookie scoop to shape mixture into 1 inch balls.
Refrigerate for at least 30 minutes until chilled.
Line baking sheets with wax paper.
Meanwhile, place chocolate chips and 1/4 cup shortening in a microwave safe bowl and microwave on high for 15 second increments until melted; stir until smooth.
Dip balls into melted chocolate allowing excess to drip off.
Place on a waxed paper-lined pan. Let stand until set.
Notes
This Recipe Can be Doubled: If you want to double this recipe, you're going to want to split the mixture into two groups to save time. For example, while the first tray of peanut butter balls are chilling, roll the next tray of balls.
Add Nuts: For a little extra crunch, try adding in your favorite nuts.
Candy: Add chopped up peanut butter candy or small chocolate covered pieces to the peanut butter to add a different texture and flavor.
Toppings: Try adding crushed graham cracker, shredded coconut or a little more powdered sugar on top.
More Add-Ins: Add some mini chocolate chips to the peanut butter mixture.
Chocolate Melts: Instead of trying to melt chocolate chips, use chocolate melts.
Melting Options: If you don't want to melt your chocolate in the microwave, use a double boiler or throw your chocolate in the oven.
Decorate: To make these a little more presentable, add some sanding sugar, chopped nuts or sprinkles on top.
Drizzle: If you don't like chocolate covered peanut butter balls, or just don't want to dip them in chocolate, another option is to melt some peanut butter and chocolate and drizzle them on top.