In a large bowl, mix together the peanut butter, butter, vanilla and confectioners' sugar. The dough will look dry. Roll into 1 inch balls and place on a waxed paper-lined cookie sheet.
Press a toothpick into the top of each ball (to be used later as the handle for dipping) and chill in freezer until firm, about 30 minutes.
Melt chocolate chips in a double boiler or in a bowl set over a pan of barely simmering water. Stir frequently until smooth.
Dip frozen peanut butter balls in chocolate holding onto the toothpick. Leave a small portion of peanut butter showing at the top to make them look like Buckeyes. Put back on the cookie sheet and refrigerate until serving.
Amount Per Serving Calories: 331 | Total Fat: 19.4g | Cholesterol: 16mg