Stir together sugar and corn syrup in a saucepan.
Cook over medium heat, stirring frequently until mixture boils. Remove from heat. Add peanut butter and mix well.
Add Rice Krispies cereal, stirring until evenly coated.
Press mixture into a 9"x13" pan.
Melt chips in a double boiler.
Remove from heat and spread over Krispie mix.
Cool and cut into squares.