Add your chocolate and your butter in a microwave-safe medium bowl and heat for 30-second intervals, stirring well between each increment until fully melted.
Stir in the peanut butter and vanilla into the chocolate peanut butter mixture.
Place the cereal into a large mixing bowl. 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 ziploc bag and add the chocolate - coated cereal. Shake until the cereal is fully coated in the sugar.
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. Top the still melted white chocolate with the remaining 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.Store in an airtight container at room temperature for up to a week.