Pour cereal into a large bowl. Set aside.
Melt butter and chocolate chips in microwave for 1 minute until almost smooth when stirred. Add in peanut butter and microwave for 10-15 seconds at a time and stir again until very smooth.
Pour mixture over cereal and stir gently until thoroughly coated.
Refrigerate for 45 minutes. Break apart any large stuck pieces.
Pour sugar over cereal and shake until coated.
Store in airtight container in refrigerator.
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