In a bowl stir cereal and pecans.Mix well. Place peanut butter and chocolate morcels in a small bowl to microwave. Heat on high for 2 minutes, stirring halfway through cooking. After cooking, stir morcels until smooth.Pour over cerael and pecans. Mix well. Drop by rounded tablespoons onto cookie sheet lined with wax paper. Chill until set, approximately 15 minutes. Store at room tempature.