Valentine's Day Chex Mix

4 1/2 cups Rice Chex® cereal
1/2 cup white vanilla baking chips
1/4 cup peanut butter
2 tablespoons butter or margarine
1/3 cup powdered sugar
1/4 cup red, white and pink candy-coated chocolate candies
2 tablespoons red or pink jimmies sprinkles

Place cereal in medium bowl. In small microwavable bowl, microwave vanilla chips, peanut butter and butter uncovered on High 1 minute to 1 minute 30 seconds, stirring every 30 seconds, until melted and smooth. Pour peanut butter mixture over cereal, stirring until evenly coated.Place 1/2 of the cereal mixture in 1-gallon food-storage plastic bag. Add powdered sugar. Seal bag; shake until well coated. Spread on waxed paper or foil; cool about 15 minutes.Meanwhile, stir candies and sprinkles into remaining cereal mixture. Spread on waxed paper or foil; cool about 15 minutes.In serving bowl, mix both cereal mixtures. Store in airtight container.