Line a large baking sheet with parchment paper.
In a large mixing bowl, combine peanut butter + softened butter until smooth.
Mix in the vanilla extract.
Slowly add powdered sugar (½ cup at a time) until the mixture forms a soft dough that holds its shape.
Add the crispy rice cereal, stirring or gently using your hands until evenly mixed.
Roll into 1-inch balls and place on the baking sheet.
Chill in the fridge for 30 minutes (or freeze for 20 minutes) until firm.
Melt the chocolate coating according to package directions.
Dip each ball using a toothpick or dipping tool, letting excess chocolate drip off.
Place back on parchment and add optional sprinkles or chopped peanuts before the chocolate sets.
Let the chocolate harden completely.