Step 1

Place the cereal in a large bowl and set aside.

Step 2

In a small bowl, stir together the powdered sugar and cocoa powder.

Step 3

Add ¾ cup of the chocolate chips and all the peanut butter to a microwave-safe bowl. Heat on 50% power for 30 seconds at a time. Stir well after each interval and continue to heat until completely melted. Stir in the vanilla extract.

Step 4

Pour the chocolate and peanut butter mixture over the cereal and stir well to coat.

Step 5

Sprinkle the powdered sugar and cocoa powder mixture over the chocolate coated cereal and gently stir until the cereal is completely coated. Freeze for 15 minutes.

Step 6

Remove the cereal mixture from the freezer and stir in the M&M's and remaining ½ cup of chocolate chips.

Step 7

Spread the mixture on a large baking sheet or large piece of parchment paper or wax paper. Spray with edible glitter until you reach your desired effect.