In a microwave-safe bowl, combine sugar and corn syrup. Microwave, uncovered, on high for 2-3 minutes or until sugar is dissolved. Stir in peanut butter. Add cereal; stir to coat.

Press into a greased 13-in. x 9-in. x 2-in. pan. In a microwave-safe bowl, melt chocolate chips in 20 second increments stirring each time until smooth. Spread over bars. Cool before cutting. Yield: about 4 1/2 dozen.