1Butter 9- or 8-inch square pan. In large bowl, mix cereal and peanuts; set aside.
2In 3-quart saucepan, heat honey and sugar just to boiling over medium heat, stirring constantly. Remove from heat; stir in peanut butter until smooth. Pour over cereal mixture in bowl; stir gently until evenly coated. Press firmly in pan. Cool 15 minutes.
3In small microwavable bowl, microwave chocolate chips uncovered on High 30 to 60 seconds, stirring every 15 seconds, until melted and smooth. Drizzle over top of bars. Let stand at room temperature at least 30 minutes until chocolate is set. For bars, cut into 4 rows by 6 rows. Store loosely covered at room temperature.