Butter a 9 x 13 cake pan and set aside. Measure cereal into large mixing bowl.
In medium saucepan, heat syrup and sugar until bubbly and clear. Remove from heat and stir in peanut butter. Stir until smooth and then pour over cereal. Mix until well coated. Pour into prepared pan. Butter hands and press mixture into pan firmly. (Caution! Mixture will be hot!) Set aside to cool.
In microwave safe bowl, melt chips together for about 1 to 2 minutes. Stir until smooth then pour over cooled bars. Spread evenly and allow to set. Cut into 1" bars. Store in air-tight container.