Add your chocolate and your butter in a microwave-safe container and heat for 30-second increments, stirring well between each increment until fully melted.
Stir in the peanut butter and vanilla.
Pour the mixture over the cereal and stir well to combine.
Add in all but 2 - 3 tablespoons of the sprinkles.
Pour the powdered sugar into a large bag and add the cereal. Shake until well-combined.
Allow cereal to set in the fridge or freezer for a minute or two. Add in the candies.
Melt the white chocolate and drizzle over pretzels. Add sprinkles.
Add the pretzels to the cereal mix and enjoy!
Notes
You do not have to add sprinkles to the cereal, but I do recommend them for the pretzels.