Pour cereal into a large bowl; set aside.
Stir corn syrup and sugar in a large saucepan over medium-high heat until sugar dissolves and mixture boils. Remove from heat; stir in peanut butter until creamy. Add chocolate chips. Stir lightly until chips begin to melt and mixture is swirled.
Pour peanut butter mixture over cereal, stirring until well coated. Drop by heaping tablespoons onto waxed paper. Cool completely. Store in an airtight container.