In bowl of a standing mixer, combine peanut butter and butter until light and fluffy. Gradually add the sifted confectioners' sugar. Reduce speed to low and add crispy rice cereal just until combined. Cover and place bowl in refrigerator for about an hour (do not skip this step).
Line a baking tray with wax paper. Remove bowl from refrigerator. Shape mixture into approximately 20 egg shapes and place on baking tray. Place baking tray in freezer for a minimum of 30 minutes.
While eggs are freezing, use a double boiler and melt chocolate chips and shortening over low heat. Remove eggs from freezer and, using toothpicks, dip eggs in melted chocolate. Place back on wax lined baking tray. (At this point, you can sprinkle eggs with coconut if you like.) Once all eggs are covered in chocolate, place tray in refrigerator to cool.
While eggs are cooling, use a zip-top plastic bag to melt white chocolate and any food coloring in the microwave. Microwave for 10 seconds at a time, massaging food coloring into chocolate until completely melted. Remove eggs from refrigerator and allow to sit a minute. Snip end of zip-top bag and drizzle colored white chocolate over cooled eggs to decorate.
To serve, line a plate with coconut and place eggs on top.