In a large bowl, cream together the peanut butter and butter until smooth. Mix in the vanilla extract.
Sift in the powdered sugar. Mix until the mixture comes together.
Using a medium cookie scoop, scoop the peanut butter mixture into balls. Smooth out the balls with your hands, then place the balls on a parchment paper lined baking sheet. Place in the freezer to harden.
Add the chocolate chips and coconut oil to a microwave safe bowl. Microwave in 30 second intervals, mixing until smooth.
Place a toothpick into a frozen peanut butter ball. While holding the toothpick, dip the peanut butter ball into the melted chocolate. Return to baking sheet and remove the toothpick. Dip the bottom of a candy eyeball into the chocolate and place it on the buckeye to cover up the toothpick hole. Repeat with the remaining peanut butter balls.
Allow the chocolate to harden before eating, either at room temperature or in the fridge.