Mix together butter, peanut butter, vanilla, and powdered sugar until well blended.
Roll into 1 inch balls and place on foil lined cookie sheet or pan.
Place in freezer for 15-30 min.
While they are chilling, melt chocolate chips and wax in double boiler, stirring until smooth.
Place toothpick in chilled balls and dip into chocolate, leaving small area uncovered.
Place dipped buckeyes on another foil lined cookie sheet.
When cookie sheet is full place in refrigerator until chocolate is set.
Remove and store in air tight container in refrigerator.