Line a large baking sheet with parchment or wax paper and set aside.
In a medium bowl, use a hand-held mixer to beat together the peanut butter and butter. Mix in the vanilla extract, followed by the powdered sugar. Use a rubber spatula to fold in the cereal.
Using a cookie scoop (or your hands), shape the mixture into small balls and place them on the lined baking sheet. Once all the balls are rolled place them in the freezer for 15-30 minutes, or in the refrigerator for at least one hour.
Break the chocolate almond bark into squares and add to a microwave-safe bowl. Add in 1 teaspoon coconut oil or vegetable shortening and heat the mixture in 30-second increments at 50% power, stirring between each increment, until completely melted and smooth.
Use a fork to dip each peanut butter ball into the chocolate mixture, rolling it around to cover all sides in chocolate. Let the excess drip off before transferring the peanut butter ball back onto the baking sheet. When all of the peanut butter balls have been dipped in chocolate place them in the freezer or refrigerator to chill while you prepare the vanilla almond bark.
Break up the vanilla almond bark and add it, along with the remaining 1 teaspoon coconut oil or vegetable shortening, into another microwave-safe bowl. Heat in 30-second increments on 50% power, stirring between each, until melted and smooth.
Working quickly, place the melted vanilla almond bark in a piping bag or plastic bag with the corner cut off and drizzle over the top of the balls.
Return the peanut butter balls to the refrigerator until completely set.
Notes
Store in an airtight container in the refrigerator for up to 10 days. To prep ahead, prepare the peanut butter balls up to step 3 then chill in the refrigerator overnight.