In a large bowl, mix together the peanut butter, butter, vanilla and confectioners' sugar. Roll into 1 inch balls and place on a waxed paper-lined cookie sheet.
Press a toothpick into the top of each ball and chill in freezer until firm, about 30 minutes.
Melt chocolate chips for 1-2 minutes at 50% power in a microwave bowl. Stir frequently until smooth.
Dip frozen peanut butter balls in the melted chocolate holding onto the toothpick. Do this carefully so you don't break or lose your toothpick! Leave a small amount of peanut butter showing at the top to make them look like Buckeyes.
Put back on the cookie sheet and refrigerate until serving.