Combine peanut butter and honey in a medium microwave-safe bowl; microwave at HIGH 30 seconds, stirring until mixture melts. Stir in rice cereal. Using wax paper, press cereal mixture into bottom of an 8- inch round cake pan.
Prepare pudding mix according to package directions for pudding, using 2 cups milk; fold in 1 cup whipped topping. Spoon pudding mixture into prepared pan. Cover and freeze until firm. Let pie stand at room temperature 15 minutes before serving. Spoon remaining whipped topping over each serving. If desired, sprinkle with ground cinnamon and additional cereal.