Cook white chocolate and peanut butter in a large heavy saucepan over low heat, stirring constantly, 5 to 6 minutes or until smooth; remove from heat.
Stir in cereal, marshmallows, and peanuts.
Drop mixture by rounded tablespoonfuls onto plastic wrap-lined baking sheet. Chill 10 minutes or until set.
Place chocolate morsels in a small heavy-duty, zip-top plastic bag; seal. Submerge in hot water until chocolate melts. Snip a tiny hole in one corner of bag, and drizzle chocolate over candies. Chill 10 minutes or until set. Store in an airtight container.