In a large mixing bowl, cream together peanut butter and unsalted butter using a hand mixer or spatula until smooth and creamy, about 1-2 minutes. Stir in vanilla extract.

Gradually mix in powdered sugar until fully combined, resulting in a thick, creamy consistency.

Fold in crispy rice cereal gently until well-coated without crushing the cereal.

Shape into 1-inch balls and place on a parchment-lined baking sheet. Freeze for at least 20 minutes until firm.

Melt chocolate chips in a double boiler or microwave until smooth; if too thick, add vegetable oil to achieve a silky consistency.

Dip each chilled ball into the melted chocolate, allowing excess to drip off before placing back on the parchment.

Let chocolate set at room temperature or refrigerate for quicker results until hardened.