In a large bowl, mix the peanut butter, butter and vanilla extract. Stir well to fully incorporate.
Add two cups of the powdered sugar. Mix well. Check the consistency of your dough (you are aiming for slightly more firm than play dough). Add more powdered sugar as needed.
Roll the peanut butter dough into ¾ inch balls. Place on a cookie sheet lined with parchment paper or a Silpat Liner (optional, just makes clean-up easier). Repeat with remaining dough.
Place a toothpick about ½ way into each peanut butter ball. Freeze for at least 30 minutes or overnight.
While the peanut butter balls are chilling, pour the chocolate chips in a microwave safe dish. Cook on HIGH for 1 minute. Stir, repeat. Keep cooking for 1 minute increments until the chocolate is fully melted.
Remove the peanut butter balls from the freezer. One at a time, dip one ball about 2/3 of the way into the chocolate. Place back on the cookie sheet to cool. Repeat.
If at any time the chocolate gets too stiff or cool, place the chocolate back into the microwave for 30 seconds.
Dip all the remaining peanut butter balls. Remove the toothpicks. Dip your finger in water and gently press each Buckeye where the toothpick was extracted. This will smooth the hole and make it disappear.