Melt the peanut butter and butter together in a medium saucepan over low heat, stirring often until smooth. Remove from heat and stir in vanilla extract.

In a large bowl, whisk together powdered sugar and rice cereal. Pour the warm peanut butter mixture over the cereal-sugar blend, tossing gently until everything is evenly coated.

Let the mixture cool slightly, then roll into 1-inch balls using your hands or a small cookie scoop. Place on a parchment-lined baking sheet and refrigerate for at least 30 minutes.

In a microwave-safe bowl, combine chocolate chips and vegetable oil. Microwave in 20-second intervals, stirring between each, until the chocolate is silky and smooth.

Using a fork, dip each peanut butter ball into the melted chocolate, allowing excess to drip off. Return to the parchment-lined sheet and refrigerate for another hour, or until the coating is firm.

Arrange on a platter and enjoy these decadent no-bake treats with friends and family.