In a small microwave-safe bowl (or in a saucepan over low heat) combine chocolate chips, peanut butter, and butter. Microwave in 30-second increments, stirring after each, until completely melted and smooth. Stir in vanilla and cinnamon until smooth.
Pour mixture over cereal and stir to coat completely. Scoop the coated cereal into a large clean paper or plastic bag. Pour the powdered sugar over the top, seal bag, and shake to coat cereal.
Nutrition information is an estimate based on online calculators and provided as a courtesy. Any nutritional information should be used as a general guideline only.