Line cookie sheets with waxed paper. In large bowl, combine cereal, marshmallows, peanuts and chocolate chips; set aside.
In medium microwave-safe bowl, combine vanilla chips and peanut butter. Microwave on MEDIUM for 2 to 3 minutes or until chips and peanut butter are melted, stirring twice during cooking. Stir until smooth. Pour over cereal mixture; toss to coat. Spoon into mounds on paper-lined cookie sheets. (Mixture will seem crumbly but will hold together when set.) Refrigerate until set. Let stand at room temperature for 10 minutes before serving.