Gradually blend in powdered sugar with hand mixer. Chill this mixture.
When chilled, roll 1 inch balls of the peanut butter mixture. If you cannot dip right away, chill the balls until ready to dip.
Use a toothpick to dip the peanut butter ball into the chocolate, with just a bit of the peanut butter showing on top (to look like a Buckeye!). Place dipped Buckeye ball on wax paper for chocolate to harden.