Microwave peanut butter and chocolate in large microwaveable bowl on HIGH 1-1/2 min, stir until chocolate is completely melted and mixture is well blended.
Add cerea, toss to evenly coat. Spread into single layer on waxed paper-covered baking sheets, separate cereal pieces. Cool completely.
Transfer cereal mixture to clean brown paper bag or large resealable plastic bag. Add sugar, close bag. Shake gently to evenly coat cereal mixture wtih sugar.
Store in tightly covered container at room temperature.
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