In a large bowl, mix together the peanut butter, butter, vanilla and confectioners' sugar. The dough will look dry. Roll into 1 inch balls and place on a waxed paper-lined cookie sheet.
Press a toothpick into the top of each ball (to be used later as the handle for dipping) and chill in freezer until firm, about 30 minutes.
Melt chocolate chips in a double boiler or in a bowl set over a pan of barely simmering water. Stir frequently until smooth. Microwaving it makes it gooey and sticky (I don't use the microwave)
Dip frozen peanut butter balls in chocolate holding onto the toothpick. Leave a small portion of peanut butter showing at the top to make them look like Buckeyes. Put back on the cookie sheet and refrigerate until serving.
*A small amount of paraffin wax added to the chocolate mixture will give the buckeyes a glossier look. If you choose to add the wax, only use a few shavings, being careful not to add too much.You don't have to use it, it does nothing for the taste.