In a microwave-safe bowl, combine peanut butter, chocolate chips, butter, and salt. Microwave in 20-second intervals, stirring after each, until the mixture is smooth and fully melted.
Pour the melted peanut butter-chocolate mixture over the cereal. Stir gently to evenly coat each piece of cereal, taking care not to crush them.
Open a 2-gallon zip-top bag. Layer inside the bag: 1/2 cup powdered sugar, 2 tbsp pink sparkling sugar, half the cereal mixture, another 1/2 cup powdered sugar, and another 2 tbsp sparkling sugar. Seal the bag and shake well until the cereal pieces are uniformly coated. Transfer to a clean bowl. Repeat with the remaining cereal mixture. Combine both batches of sugar-coated cereal in the same bowl.
Add 3/4 cup of Valentine-themed M&M’s to the sugar-coated cereal. Mix gently. Sprinkle the remaining 1/4 cup of M&M’s on top for decoration.
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Notes
Note 1: Milk chocolate chips make it sweeter and creamier, while semi-sweet chips give a richer taste. Use high-quality chocolate for the best melt and flavor.Storage: Store in an airtight container at room temperature. Can also be frozen and enjoyed directly from the freezer (SO good!).