1. Mix together cereal, peanut butter, sugar, and margarine. Using your hands (or a melon baller), form small balls out of this batter.
2. Place the balls into a lined container and freeze the container for at least 1 hour. Crumble the chocolate, and heat them with the oil in a double boiler until completely melted, stirring often.
3. Remove the chocolate from the heat and remove the balls from the freezer. Place 1 ball at a time into the chocolate. Using a spoon and a knife, cover each ball with chocolate, then remove the ball from the chocolate using the spoon.
4. Use the knife to scape off any remaining dripping chocolate before placing the ball back into the container that the ball was originally frozen in. If desired, place a whole peanut on each ball when they are still wet. Store the balls in the fridge.
If the balls begin to melt excessively upon contact with the hot chocolate, place them back into the freezer for 1/2 hour to freeze up again. The chocolate can also be reheated on a double boiler if necessary.
Source of recipe: I was inspired to make these after eating some at a local restaurant.