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Into large bowl, measure cereal; set aside.
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In 1-quart microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 1 minute; stir.
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Microwave about 30 seconds longer or until mixture can be stirred smooth.
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Stir in vanilla. Pour mixture over cereal, stirring until evenly coated.
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Pour into 2-gallon resealable food-storage plastic bag.
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Add powdered sugar and green sanding sugar.
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Seal bag; shake until well coated. Spread on waxed paper to cool.
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Add in green M&M's and red heart sprinkles.
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Store in airtight container in refrigerator.