Line a baking sheet with parchment paper. Set aside.
In a large bowl, stir together cereal, marshmallows, peanuts (if using) and salt. Set aside.
2 cups crispy rice cereal, 1 cup mini marshmallows, ½ cup unsalted peanuts, ⅛ teaspoon salt
In a glass, heat-safe bowl, melt the white chocolate chips in the microwave for 20 seconds on 50% heat. Stir. Repeat until white chocolate is completely melted and smooth. Be careful not to overheat. Stir in the peanut butter until well-combined.
10 ounces white chocolate chips, ½ cup creamy peanut butter
Pour white chocolate mixture over the cereal and marshmallows. Stir until the white chocolate completely coats the cereal mixture. If it's runny, add more cereal and marshmallows, 1/4 cup at a time.
Spoon heaping tablespoons of the mixture onto the baking sheet and add sprinkles on top of each one.
sprinkles
Allow to cool and harden, about an hour. For faster set-up time, place baking sheet in the fridge for half an hour.