Combine sugar and light corn syrup in a saucepan.

Bring the mixture to a boil over medium heat, stirring until the sugar is dissolved.

Remove the saucepan from the heat.

Stir in the peanut butter until smooth.

Add the Special K cereal to the peanut butter mixture and stir to coat evenly.

Press the mixture firmly into a baking pan.

In a separate bowl, melt peanut butter with milk chocolate chips.

Spread the melted chocolate mixture evenly over the cereal bars.

Let the bars cool completely before cutting into squares.