In a large bowl, beat together peanut butter, butter, and vanilla until smooth. Add confectioner's sugar, 1 cup at a time, mixing until almost combined after each addition, until all sugar is incorporated.

Roll peanut butter mixture into bite sized balls (about a tablespoon). Place peanut butter balls onto a baking sheet lined with Sil-Pat, waxed paper, or parchment paper. Chill peanut butter balls for at least 1 hour.

In a double boiler set up, melt together chocolate chips and wax in a bowl. Once melted, stir together thoroughly to combine.

Insert a toothpick into the center of one peanut butter ball. Use the toothpick to dip the ball into the melted chocolate. Be sure to leave a circle of peanut butter showing at the top of the candy {this is what makes it look like a Buckeye}. Dip the ball once more, leaving peanut butter showing and then place back onto the lined baking sheet. Repeat with remaining peanut butter balls.

Refrigerate for 10 minutes, or until ready to serve, to finish setting the chocolate.