In a mixing bowl, stir together oats, raisins, peanuts, chocolate chips, and M&M's.

In a small saucepan over low heat, stir together 1/2 cup peanut butter and honey until melted. Let cool slightly so chocolate doesn't melt. Pour over the trail mix and stir to combine. If you can't roll into balls, melt the other 1/4 cup peanut butter and add that.

Roll into 1-inch balls and refrigerate until ready to serve!