Make The Puppy Chow (or Muddy Buddies):Measure out the Chex cereal into a large bowl and set it aside.
In a microwave safe bowl, microwave the chocolate chips, peanut butter, and butter on high for about 30 seconds. Give the mix a stir.
Continue to microwave and stir in 15 second intervals until the mixture is melted and smooth.
You can also melt these ingredients by placing them in a heat safe bowl over barely simmering water. Stir frequently until the mixture is completely melted and smooth.
Once the chocolate peanut butter mixture is melted, stir in the vanilla.
Pour chocolate over the Chex cereal and gently toss until thoroughly coated.
Transfer the chocolate covered cereal to a large bowl, a 2 gallon freezer bag, or a stockpot, and add 1 1/2 cups of powdered sugar. If using a bowl or a pot, make sure to put a lid on it!
Shake the mixture until the cereal is completely coated in powdered sugar.
Pour the puppy chow onto a sheet pan and pop in the fridge to chill until firm, about 10 minutes.
Making the festive pretzelsWhile the muddy buddies are firming up, melt the vanilla candy wafers by placing them in a microwave-safe bowl and microwaving on high for 30 seconds. Give the melts a stir and continue to microwave and stir in 15-second intervals until the mixture is smooth.
You can also melt the wafers by placing them in a heat-safe bowl set over a pan of barely simmering water. Stir frequently until the mixture is completely melted and smooth.
Spread out your pretzels in a single layer on parchment paper or on a cooling rack set over a cookie sheet.
Using a spoon or a piping bag, drizzle the melted vanilla coating over the top of the pretzels, zig zagging back and forth. The candy will set pretty quickly, so drizzle the pretzels in batches.
Quickly add the Christmas sprinkles to the pretzels before the candy coating sets.
Repeat this process until all the pretzels have been drizzled and dotted with Christmas sprinkles.
Move the pretzels aside to set. It should only take 5 minutes or so. You can pop them in the fridge for a speedier set.
Finishing up the Christmas Puppy ChowNow that the Chex mixture has firmed up a bit, transfer your puppy chow back to a large bowl or a 2-gallon bag. Add the remaining 3/4 cup of sugar and shake until the mixture is snow white.
Transfer the puppy chow to a clean sheet pan or baking dish. Sprinkle on the M&Ms and the mini peanut butter cups. Make sure to distribute the candy evenly.
Add the pretzels on top of the mix.
At this point, you can serve the puppy chow straight out of the baking dish, spoon it into a serving bowl, or distribute it into cute Christmas tins to give to loved ones!