Mix together honey and peanut butter in a medium bowl or liquid measuring cup. Microwave ⅔ cup peanut butter and ⅔ cup honey for 30 seconds if it is too firm to mix with honey.
Measure 4 cups Cheerios cereal into a large bowl.
Pour the peanut butter honey mixture over Cheerios and stir to coat completely.
Line an 8x8 baking dish with parchment paper. Pour Cheerios mixture into pan and smooth top of bars as much as possible.
Refrigerate for at least 30 minutes. Then remove from fridge, take bars out of dish using parchment paper.
Melt ¼ cup chocolate chips in microwave for 30 seconds at a time, stirring after each time to keep chocolate from burning.
Drizzle chocolate over cereal bars.
Cut cereal bars into rectangles or squares about two inches wide.
Enjoy right away or store in fridge to firm bars more and keep fresh!