Measure cereal into a large bowl.

In a pot, melt butter until browned (careful not to burn it; browning the butter gives a deeper flavor but you can skip this step if you want and melt it all in a microwave. It takes some practice to brown the butter without burning it, but it adds an almost nutty flavor that is delicious).

Add chocolate chips and peanut butter and let everything melt, stirring occasionally until the mixture is smooth.

Add vanilla and liquid smoke.

Alternatively you can place the peanut butter, chocolate and butter in a microwave-safe bowl and microwave for 90-second intervals until melted. Mix until smooth. Add vanilla extract and liquid smoke and stir to incorporate.

Pour over cereal, stirring until evenly coated.

Pour into a two-gallon ziplock bag.

Combine confectioners’ sugar, cayenne pepper, and Maldon salt and add to the bag.

Seal bag and shake until well coated.

Spread on Gefen Parchment Paper to cool.

Store in the refrigerator or freezer. (Add more confectioners’ sugar before serving to give it a fresher look.)