In a saucepan combine light corn syrup, brown sugar and sugar. Cook exactly 2 minutes over high heat.
Remove from the heat; stir in chunky peanut butter and vanilla. Pour the mixture over puffed rice cereal in a large mixing bowl. Stir gently to coat evenly.
Drop by spoonfuls onto a large sheet of aluminum foil and form into 1-inch balls.Servings: 2 dozen