Melt the peanut butter, honey and butter in a medium size saucepan over medium-low heat. Stir frequently as the mixture melts. (You can also melt this in the microwave in one minute intervals, stirring in between.) When it has melted, remove from the heat. Add the chocolate chips and stir until smooth. Add the cereal about 2 cups at a time, stirring well to coat in between additions.
Transfer to an 8x8 pan and press the mixture to fill the pan out evenly. A larger pan will work as well, the pieces will just be thinner. Refrigerate until the chocolate hardens, at least 2-3 hours. Slice into 1"-2" square pieces. Store in the refrigerator. Enjoy!