1. Melt chocolate with butter in a heatproof bowl set over a saucepan of simmering water, stirring until smooth, about 5 minutes. Remove bowl from pan and let cool 10 minutes.
2. Gently stir chocolate mixture, coconut, Rice Krispies, and peanut butter in a large bowl until combined well. Chill, covered, until slightly firm, about 15 minutes.
3. Place chocolate sprinkles in a shallow bowl. Using a 1-1/2-inch ice-cream scoop, form chocolate mixture into balls and drop into sprinkles; coat well, working with 6 or 7 at a time (chill mixture to firm, if necessary). Arrange coated bites in a single layer on a cookie sheet lined with plastic wrap and chill until firm, about 15 minutes.
4. Arrange on a serving platter. Decorate Bug Bites with sugar-coated licorice sticks to form legs and string licorice to form antennae. Makes 18.