Mix butter, peanut butter, and powdered sugar until well blended. More or less powdered sugar can be used to make mixture more or less dry.
Make 1 inch balls and freeze for about 20 minutes or until firm.
Microwave chocolate chips for 60 seconds, stopping every 15 seconds to check and stir. Adding some vegetable shortening can make the chocolate thinner and easier work with.
Remove balls from freezer and dip most of the way into the chocolate, coating all but a small circle on top. Using a toothpick for this works well but simply dipping it in and pulling it out with a fork also works. Place completed buckeyes on wax paper and allow to harden. Refrigerate if needed.