Place peanut butter and white chocolate chips in a microwave safe bowl. Heat for 1 minute, stir, then heat for 30 more seconds and stir. Stir until everything is smooth and melted together.

Place the cereal and marshmallows in a large mixing bowl and stir together. Pour the melted chocolate chips and peanut butter over the cereal and marshmallows. Stir together till the marshmallows and cereal are coated. (Marshmallows will remain whole.)

Add the M&M's and stir enough to coat. Drop spoonfuls of the mixture onto wax paper and allow to cool.