In a small bowl combine marshmallow creme, peanut butter and melted butter. Stir until well blended. Add chow mein noodles and chopped M&M's. Mix well.
Drop by 1/3 cupfuls onto a greased sheet pan. With greased fingers shape to form nests. Fill nests with pastel peanut M&M"s. Let stand until firm. Dust bottoms of nests lightly with powdered sugar.