Lightly butter 13x9-inch pan. In 4- to 5-quart Dutch oven, heat corn syrup and sugar to boiling over medium-high heat, stirring constantly. Cook until sugar is dissolved; remove from heat. Add 1 cup of the peanut butter; stir until smooth. Add cereal; mix well. Immediately press in buttered pan.
In 2-quart saucepan over low heat, melt chocolate chips with remaining 1/4 cup peanut butter, stirring constantly. Spread evenly over bars. Refrigerate about 30 minutes or cool completely at room temperature until chocolate is set. For bars, cut into 9 rows by 4 rows.