Bring Sugar and corn syrup to a rolling boil. Stir in peanut butter. Remove from heat.
Gently add in cereal. Mix well. Spread in a buttered 9x13 inch pan.
Melt chips in a glass bowl in microwave for 30 seconds. Stir. Heat for an additional 30 seconds (or more) and stir until blended. Spread over cereal in pan. That is it. Let cool for a while then cut into smaller squares than you would think. They are rich!