Microwave peanut butter and butter in large microwavable bowl on HIGH 2 minutes, stirring after 1 minute. Add confectioners’ sugar, vanilla, cinnamon and nutmeg; mix until smooth. If mixture is too soft, stir in up to 1 additional cup confectioners’ sugar.
Shape mixture into 3/4-inch balls. Place on wax paper-lined tray. Refrigerate 15 minutes or until cooled.
Melt chocolate as directed on package. Using a fork, dip 1 peanut butter ball at a time into the chocolate. Tap back of fork 2 or 3 times against edge of dish to allow excess chocolate to drip off. Place on wax paper-lined tray.
Refrigerate 30 minutes or until chocolate is set. Store in covered container at room temperature up to 5 days.