In a microwave-safe bowl, slowly melt white chocolate. Microwave on high for 30 seconds at a time, stirring in between until smooth.
Stir peanut butter into white chocolate. The warmth of the chocolate should help the peanut butter melt. When fully blended, stir in marshmallows and crisp rice cereal.
Line a small muffin tin with holiday cupcake papers, and dollop mixture into papers and allow to cool and setup. To speed cooling, place in refrigerator. Makes several dozen. Enjoy!