In a large bowl, mix together butter and peanut butter until smooth. Add in the powdered sugar, mix until a thick dough forms. Roll the dough into balls, and place one Rolo on each piece of dough. Roll into a ball, covering the chocolate completely.
Place the peanut butter balls onto a large plate. Freeze for at least 20 minutes. Place the chocolate into a microwave-safe bowl, and heat in the microwave in 30-second intervals, stirring well until it is fully melted and smooth.
Fully coat each peanut butter ball in the melted chocolate. Set them onto a large plate, and let sit until the chocolate has completely set.
