Start by gently combining the 5 cups of Rice Chex cereal and 1.5 cups of broken mini pretzels in a spacious bowl. Set this mixture aside for now.
In a microwave-safe bowl or a small saucepan, melt the 1.5 cups of creamy peanut butter with the 1.5 cups of dark or semisweet chocolate chips. Stir frequently until the mixture is beautifully smooth and creamy.
Carefully pour the melted chocolate-peanut butter blend over your cereal and pretzel mix. Stir very gently but thoroughly, making sure every single piece is wonderfully coated.
Pop the coated mixture into the refrigerator for about 30 minutes. This crucial chilling step helps the chocolate set just enough, preventing excessive absorption of powdered sugar later, making your treat perfectly balanced.
Once slightly hardened, remove the mixture from the fridge. Grab a separate, clean large bowl and sprinkle 1/2 cup of powdered sugar at the bottom. Add about half of your chilled chocolate-coated cereal, then sprinkle another 1/2 cup of powdered sugar over it. Gently toss and stir until everything is lightly coated.
Return the mixture to the refrigerator for another 30-60 minutes to allow it to fully set. This ensures a crisp texture and helps minimize stickiness.
After it's completely chilled, if you prefer an even whiter coating, you can add more powdered sugar, a quarter cup at a time, gently tossing until your desired level is reached. Remember, a little goes a long way!
Finally, gently fold in the 1.5 cups of festive red and green M&Ms and 1 cup of mini peanut butter cups.
Transfer your delightful Reindeer Food to a serving dish and enjoy this easy, festive snack!