In a large bowl, mix together the peanut butter, butter, vanilla and sugar. The dough will look dry.
Roll into 1″ balls and place on a waxed paper-lined cookie sheet. Press a toothpick into the top of each ball to be used later as the handle for dipping. Chill in the freezer until firm, about 30 minutes.
Melt chocolate chips in a double boiler or in a bowl set over a pan of barely simmering water. Stir frequently until smooth.
Dip frozen peanut butter balls in chocolate holding onto the toothpick. Leave a small portion of the peanut butter showing at the top to make them look like Buckeyes.
Put back on the cookie sheet, remove the toothpick and refrigerate until serving.
