Microwave peanut butter and milk chocolate chips in a large glass bowl on high for one to 2 minutes or until melted, stirring every 30 seconds. Stir in peanut butter until well blended.
Stir in rice cereal, miniature marshmallows and chopped peanuts. Spoon mixture by heaping tablespoonfuls evenly into miniature paper candy cups. Chill one hour or until firm.