In 3-quart saucepan, heat sugar and corn syrup to boiling over medium heat, stirring frequently. Remove from heat; stir in peanut butter until blended. Stir in cereal. Cool slightly, 2 to 3 minutes.
Lightly butter hands. Shape 1 to 2 tablespoons cereal mixture into a ball around each candy. Immediately roll in candy sprinkles. Place pretzel stick into each cereal ball.