Melt butter and peanut butter in 3-quart saucepan over medium heat, stirring occasionally, 2-3 minutes or until smooth. Add marshmallows; continue cooking, stirring constantly, 4-6 minutes or until marshmallows are melted. Remove from heat.
Stir in cereal and gumdrops. Shape mixture with buttered hands into 1-inch balls; place on waxed paper. Let stand 30 minutes.
Store between layers of waxed paper in container with tight-fitting lid.
- If desired, do not form into balls. Prepare mixture as directed above; press into greased 13x9-inch pan.
- To make this recipe gluten-free, use gluten-free crisp rice cereal.
- This recipe was developed using alternative flours and products labeled as “gluten-free.” The best source for additional information is the ingredient listing on product packaging. Learn about gluten-free baking