Cream together butter, peanut butter, and vanilla. Fold in sugar slowly until desired consistency is reached; when it is able to be formed into balls without being sticky.
Begin to form the peanut butter mixture into balls about the size of a ping-pong ball.
Chill overnight in the refrigerator or for at least 1 hour in the freezer.
Melt wax in double boiler then add chocolate ingredients making sure to stir continually.
(avoid letting any water get into the chocolate)
Use a toothpick to dip peanut butter balls into the chocolate spread one at a time. Roll it around until approx. 3/4 of ball is covered. It should look like a Buckeye nut. (HINT: take a few out of the freezer or fridge at a time to keep them firm while dipping.)
Set aside on wax paper to dry.
Enjoy! Refrigerate leftovers.
If you do not have paro wax (paraffin), you can use candy coating melting chips instead. It will not have quite the same taste but still very good.