Mix together your peanut butter, softened butter, vanilla and powdered sugar, in a large bowl. Roll into 1" balls and place on a cookie sheet, lined with wax paper.
Press a toothpick into the top of each ball and chill in freezer for a minimum of 30 minutes, or until firm.
Just before removing from freezer, melt chocolate chips in a small saucepan over lowest heat. Stir frequently until smooth.
Using your toothpick, dip each frozen peanut butter ball in chocolate, leaving a small portion of peanut butter showing at the top.
Place on cookie sheet and remove toothpick. You may smooth over the hole left from the toothpick with your fingertip. Refrigerate until ready to serve. ENJOY