Melt peanut butter and butter in a microwave-safe bowl.

Stir in vanilla.

Add rice cereal and powdered sugar and mix well (it might seem a little dry at first but will start holding together the more you mix. I usually finish up the mixing using my hands).

Form into 1-inch balls, firmly packed.

Place on a cookie sheet and freeze until firm (at least 30 minutes).

In a saucepan (or the top of a double broiler), melt the chocolate chips and oil together over very low heat, stirring often.**

Using a toothpick, dip each peanut butter ball in the chocolate and place them on wax-paper lined cookie sheets (I go back later and smooth out the toothpick hole on the top of each bon-bon). Chill until firm.