Prep. Line a baking sheet with parchment paper and set aside. Set out another piece of parchment paper (on the counter or on another baking sheet). Place the powdered sugar in a gallon sized zip-top bag and set aside.
Make the festive pretzels. Create a single layer of pretzels on your second piece of parchment paper.
Microwave your white chocolate and neutral oil in 30-second increments, stirring after each cycle, until the chocolate is completely melted and smooth.
Drizzle the white chocolate over the pretzels.
Top with holiday sprinkles and allow the chocolate to set up being breaking apart (placing in the refrigerator can help speed this up).
Make the puppy chow. Place the Chex cereal into a large mixing bowl and set aside.
Place your semi-sweet chocolate chips and peanut butter in a microwave-safe bowl and microwave in 30-second increments, stirring after each cycle, until the chocolate is completely melted and smooth.
Pour the melted chocolate and peanut butter mixture over the Chex.
Gently stir until all of the ingredients are well coated.*
Transfer the coated cereal into the resealable plastic bag with the powdered sugar in it.
Close the bag and shake to coat the cereal with the powdered sugar. You'll need to tip the back sideways and upside down throughout shaking to distribute the powdered sugar.(I recommend peaking into the bag periodically and adding more powdered sugar in ¼ Cup increments if you're noticing there are sections of cereal without powdered sugar on it).
Pour the coated cereal onto a lined cookie sheet to dry.
Add your mix-ins. Stir in the holiday m&ms and white chocolate drizzled pretzels and enjoy!
Notes
*Tip for coating your cereal: be sure to fully coat your cereal with the melted chocolate and peanut butter mixture! Take an extra minute or two to continue stirring the melted chocolate and cereal together to ensure all parts are well coated (you don't want to see any bare cereal). This allows the powder sugar to fully coat your treats, resulting in the very best puppy chow.Store puppy chow in an airtight container or zip top bag for up to 1 week at room temperature or up to 2 weeks in the refrigerator. You can also freeze this treat for up to 2 months if desired.Variation Ideas:
Swap out some or all of the Rice Chex. Some people like to use a blend of Rice Chex and Corn Chex (just use equal portions of each) for puppy chow. Crispix is another great alternative to the Rice Chex (replace the Rice Chex completely).
Mix-in different candies. If desired, swap out the milk chocolate m&ms for peanut m&ms, Cadbury mini 'snow ball' candies, mini peanut butter cups, mini Oreo cookies, or other chocolate-based holiday treats you enjoy.