Mix peanut butter, milk, sugar and butter together into a soft dough and then roll into balls (about 1" or so)
Using a double boiler, melt chocolate chips and wax together.
Using a toothpick to pick up each peanut butter ball, dip each ball into chocolate and set aside on waxed paper to set. (Be sure to leave part of the peanut butter showing at the top so it looks like a Buckeye!)
Store in air tight container in a cool location or in the refrigerator