Melt the candy, peanut butter, and butter. Stir in the vanilla.
Pour over the cereal in a large bowl or 2 gallon ziplock bag.
Add powdered sugar, toss and stir.
Add sprinkles and spread on a parchment paper lined baking tray.
Store your puppy chow in an airtight container to keep it fresh and ready for whenever a pink snack attack hits!