Melt the peanut butter and the butter together over medium heat. Do not boil.
Mix the icing sugar and crisped rice cereal together in a large bowl.
Pour the melted peanut butter into the bowl with the icing sugar and crisped rice cereal.
Mix together very well with your hands.
Roll into 1 inch balls and place on a cookie sheet lined with wax paper.
Cool in the refrigerator for at least 4 hours.
When the peanut butter balls are completely cooled, melt the chocolate chips and shortening in a double boiler.
Dip each ball into the melted chocolate and place it back onto the cookie sheet.
Let the chocolate-covered balls cool and harden.
Melt different colored chocolate and place it into a disposable decorating bag. Decorate for any occasion.