Melt butter in a saucepan over medium-low heat.

Remove from heat and stir in peanut butter, sugar, vanilla, honey oats, and rice cereal.

Let mixture cool for about 20 minutes. (Don't want the chocolate to melt.)

Stir in cherries and chocolate chips.

With a heaping tablespoon of mixture, form into balls pressing firmly to keep balls together.

Roll balls in chopped peanuts, pressing lightly to coat.

Store in an airtight container in the refrigerator.

Notes: I used my food processor to chop the peanuts. Just pulse until they reach the desired consistency.

Yields 18 balls.