Spread colored sugar on one of the prepared sheet and bake in preheated oven for 3 minutes. Once dry, place colored sugar in gallon sized baggie. Set aside.

Place 9 cups of Rice Chex in a large bowl. Place the remaining cereal in a medium bowl. Set aside.

In a sauce pan over medium heat, melt butter then add chocolate chips and peanut butter and stir until smooth. Remove from heat and add vanilla. Stir well to combine.

Pour chocolate mixture over 9 cups of cereal then toss to coat evenly.

Transfer coated cereal to the gallon sized baggie containing the colored confectioner’s sugar.

Shake, toss and turn until the colored sugar has completely coated all cereal pieces. Set aside.

Pour the oil into a small microwavable bowl, add white chocolate. Microwave in 20 second increments until smooth. Stir between each heating to make sure you don’t over heat it.

Pour melted white chocolate over remaining cereal in medium bowl. Gently mix well until coated. Immediately add sprinkles as you toss the cereal. Spread out on the second prepared sheet pan. Allow to cool to room temperature.

Add confectioner’s covered cereal and white chocolate covered cereal to a large serving bowl. Add in M&M’s toss to combine.