In a large mixing bowl, combine butter, peanut butter, sugar, rice cereal and miniature chocolate chips and mix well with impeccably clean hands.
Roll mixture into 1-inch balls and place onto a parchment or waxed paper-lined baking pan and place in the freezer.
In a double boiler, over simmering water, melt semisweet chips, stirring occasionally until melted and smooth.
With a fork, dip the frozen balls in melted chocolate and return to paper-lined baking pan. Place in freezer for 5 to10 minutes until the chocolate has set Store the balls in an airtight container at room temperature.Servings: about 4 dozen balls