1Line a cookie sheet with parchment or waxed paper. In 1-quart saucepan, mix chocolate chips and water. Heat over medium heat, stirring constantly, until the mixture is smooth. Cool the chocolate while preparing the candies.
2In medium bowl, mix peanut butter, powdered sugar and corn syrup until well blended. Stir in the cereal until evenly coated.
3Lightly spray your hands with cooking spray. For each candy, roll 1 tablespoon of the mixture into a 1 1/2-inch ball. Place the balls on the cookie sheet and press them slightly so the bottoms of the balls are flat (this stops them from rolling off the cookie sheet).
4Spoon about 1 teaspoon of the cooled chocolate onto each ball. Refrigerate until firm, about 30 minutes. Store the candies in a covered container in the refrigerator.