Melt butter.
Add peanut butter and mix well (you will need to use an electric mixer).
Gradually add in powdered sugar and mix well.
Refrigerate for 2 hours.
Make balls out of peanut butter dough, approximately 1 inch in diameter and layout on wax paper.
Double boil the chocolate morsels along with the ½ bar of gulfwax.
Keep heat on medium/low once water comes to a boil.
Once morsels/wax completely melted, place toothpicks in each dough ball and dip them into the chocolate so that all but the very top is covered with chocolate
Place the dipped peanut butter balls on wax paper and then place back in the fridge.