In a large bowl, beat peanut butter and butter until blended; gradually beat in confectioners' sugar until smooth.

Stir in cereal. Shape into 1-in. balls. Refrigerate until chilled.

In a microwave, melt chocolate chips and ¼ cup shortening; stir until smooth. Dip balls into chocolate; allow excess to drip off.

Place on a waxed paper-lined pan. Let stand until set.

In a microwave, melt white baking chips and remaining shortening.

Stir until smooth. Drizzle over candies. Refrigerate until set.