Combine first three ingredients in a small saucepan, and bring to a boil on medium heat.
Boil about a minute, stirring constantly, then remove from heat.
Add the peanut butter and salt, and stir until it makes a paste.
Add the cereal and stir very well to coat, partially crushing the cereal flakes as you stir.
Make sure the flakes are very evenly coated. Press into an 8×8 pan—either lined with wax or parchment paper, or greased very well—and freeze until completely hardened.
Cut into bars while only somewhat frozen, or thaw the block a little before cutting.
If you wish to cover in chocolate (they’re good even without it), you can cover them at any time—either pre-cutting or post-cutting.
Simply melt the chocolate chips over low heat, stirring constantly until smooth. Then spread over the bars with a spatula and re-freeze to harden.