1Into large bowl, measure cereal; set aside.
2In 1-quart microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 30 seconds; stir. Microwave about 15 seconds longer or until mixture can be stirred smooth. Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Pour into 1-gallon resealable food-storage plastic bag.
3Add powdered sugar. Seal bag; shake until well coated. Add candy corn and peanuts; shake to mix. Spread on waxed paper to cool. Store in airtight container in refrigerator.