In a large bowl, beat peanut butter, butter and vanilla extract until creamy. When choosing what kind of peanut butter you are going to use for this recipe try to find the no-stir kind. It already contain stabilizers, which will provide the best texture.
Add powdered sugar stirring on low and gradually increasing speed until it is thoroughly mixed.
Use a cookie scooper to shape into 1in balls and place on the parchment paper. Freeze for 1 hour.
In a microwave safe bowl, add chocolate chips and shortening or vegetable oil.
Heat for 1 minute, stir and continue heating for 10-15 seconds at a time, stirring after each heating and stop just before all chocolate is melted. Stir until completely melted.
Remove 3-4 balls at a time from the freezer, leaving the others in the freezer until ready to dip.
Dip balls into melted chocolate using two forks or a chocolate dipping fork , shake off excess and place on baking sheet.
Place in refrigerator to set for at least 30 minutes.
To create a swirl on top of the peanut butter balls, add melted chocolate to a plastic squeeze bottle and drizzle chocolate over top of set chocolate.