In heavy saucepan, over low heat, melt chips with sweetened milk. Remove from heat, stir in vanilla. Chill 2 hours or until firm. Shape into 3/4" balls. Roll in any of the suggested coatings. Chill 1 hour or until form. Store covered at room temperature. (Optional: Creamy Chocolate Rum Truffles)- Omit vanilla and instead stir 1/4 cup dark rum and 1/2 teaspoon rum extract into melted chocolate mixture. Chill. Shape and roll in flaked coconut. Proceed as above.