1Heat oven to 350°F. In large bowl, mix butter, peanut butter, sugars and egg until blended. Stir in flour, baking soda and baking powder. Stir in cereal.
2On ungreased cookie sheets, drop dough by rounded tablespoonfuls about 2 inches apart.
3Bake 11 to 13 minutes or until lightly browned. Cool 2 minutes; remove from cookie sheet.