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Line a large baking sheet with parchment paper and set aside.
Combine peanut butter and butter together in a large mixing bowl and mix until well combined. Stir in the vanilla extract.
Gradually add in the powdered sugar, half a cup at a time, until mixture is nice and smooth and you can easily form balls.
Stir in crispy rice cereal and use your hands if necessary to thoroughly incorporate into the peanut butter mixture.
Shape into 1 inch balls and refrigerate for 30 minutes on the prepared baking sheet. (You can also freeze for 20 minutes.)
Melt candy coating following melting directions on package.
Dip the peanut butter balls into the chocolate using a toothpick or dipping tools.
Transfer to the parchment paper and sprinkle chopped peanuts or chocolate jimmies on top immediately.
Let candy set up until the chocolate coating is firm.