1Line a cookie sheet with waxed paper. In 3-quart saucepan, heat sugar and corn syrup over medium heat, stirring frequently, just until mixture starts to boil. Remove from heat; stir in peanut butter until melted and smooth.
2Stir in cereal until evenly coated. Cool about 5 minutes. While the mixture is cooling, place candy sprinkles in shallow dish.
3Lightly spray hands with cooking spray. For each snack, shape 1/4 cup cereal mixture around one small candy. Immediately roll each in candy sprinkles to coat. Place snacks on cookie sheet. Cool completely, about 30 minutes. Store in loosely covered container.