This is what you need:
1 1/2 boxes of Rice Chex (or 3/4 each of Corn Chex and Rice Chex)
2 c dry roasted peanuts
2 c coconut (optional)
1 c or 2 sticks butter, softened
1 1/2 c light karo syrup
1 1/2 c sugar
1/2 bag holiday M&Ms
In a large mixing bowl, mix together the Chex, peanuts, and coconut. I like to make some with and without coconut (not everyone likes it as much as I do). Set aside.
In a large saucepan, melt butter, sugar. Stir constantly.
Once it comes to a rolling boil, set your timer for 2 minutes and keep stirring. Shorter than that, it won't set up; longer than that, the candy won't stick together.
Pour it into the Chex, peanut, and coconut mixture.
Stir, stir, stir. Let it cool a bit and then add the M&Ms. Hopefully, they won't melt. Enjoy!