1Line bottom and sides of 8-inch square pan with foil or parchment paper. Spray foil with cooking spray. In large bowl, mix cereal, peanuts and peanut butter chips; set aside.
2In large microwavable bowl, microwave peanut butter, honey and butter uncovered on High 2 to 3 minutes, stirring every 30 seconds, until mixture is boiling and slightly thickened.
3Pour over cereal mixture in bowl; stir until evenly coated. Using buttered back of spoon, press mixture very firmly in pan. Refrigerate about 1 hour or until firm enough to cut.
4For bars, cut into 4 rows by 4 rows. Store covered at room temperature up to 1 week.
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