In a large bowl, combine peanut butter, softened butter, powdered sugar, and vanilla extract. Mix until well combined.

Roll the mixture into 25 balls.

In a double boiler, bring water to a rolling boil. Add chocolate chips and paraffin wax. Stir until smooth and melted.

Using a spoon, dip each peanut butter ball into the melted chocolate to coat. Place the dipped balls on a baking sheet lined with wax or parchment paper.

If desired, sprinkle with holiday-themed sprinkles or drizzle with white chocolate.

Place the baking sheet in the freezer for about 30 minutes to allow the balls to harden.