In a saucepan over low heat, place butter and peanut butter and stir until melted and combined. Remove from heat and gradually add enough powdered sugar to make dough stiff enough to roll into balls. Roll dough into 1-inch balls. (You may not need all the sugar. Use less sugar to make softer buckeyes. Use more sugar to make firmer buckeyes.)
Place balls into refrigerator to chill dough. When chilled, using a toothpick, pierce ball and dip almost completely into melted chocolate, leaving a little peanut butter showing at the top of each candy. Makes 2 to 3 dozen. Enjoy!