Line cookie sheets with waxed paper. In large microwaveable bowl, microwave chocolate chips and peanut butter uncovered on High 1 minute, stirring after 30 seconds. Microwave 30 seconds to 1 minute longer, stirring every 15 seconds, until melted and smooth.
Stir in cereal until well coated. Drop mixture by rounded teaspoonfuls onto waxed paper. Refrigerate until chocolate is firm.
