In a medium mixing bowl combine peanut butter, butter, and vanilla with a mixer.
Sift powdered sugar into peanut butter mixture, 1 cup at a time. Mixing between each cup of powdered sugar. Switch to using your hands if dough gets too stiff.
Using a tablespoon or mini ice cream scoop scoop out balls of peanut butter filling. Roll into a ball and place on a parchment-lined baking sheet.
Place a toothpick in the top of each ball. Once all balls are rolled, place in freezer to chill for another 1-3 hours.
Once peanut butter balls are done chilling you can prepare to dip!
Place chocolate in a cup (if your cup is too big it will make dipping more challenging)
Microwave in 15-second increments, stirring well between each increment. Repeat this until the chocolate is around 75% melted. Then stir well to get the rest of the chocolate to melt. Don't over-heat your chocolate!.
Holding on to the toothpick, dip each peanut butter ball into the melted chocolate. Leave the top un-dipped to create the classic buckeye look.
Place on parchment to set & remove all toothpicks. I like to gently smooth over the hole created by the toothpick.
Let set at room temperature for 30 minutes and then the rest of the way in the fridge.