In a large microwave-safe bowl, add the butter,salt and peanut butter. Microwave for 1 minute.
Using a fork, stir together the melted butter and peanut butter until smooth. Microwave additional 20 seconds, as needed.
Mix in vanilla.
Add the powdered sugar and rice cereal to the bowl.
Gently mix together until fully incorporated.
Using your hands, roll the mixture into approximately 30-40 1-inch balls (2 ½ cm). Place them on a wax paper-lined baking sheet and freeze for 15 minutes.
In a small microwave-safe bowl, add the chocolate chips. Microwave for 60-75 seconds, stopping to check and stir every 30 seconds.
Drop the frozen balls in the melted chocolate one at a time, use a fork to roll around to ensure an even coating. Place back on a wax paper-lined baking sheet.