5 c. Kellogg's Frosted Flakes cereal
1 c. salted peanuts
12 oz. pkg. peanut butter morsels
16 oz. pkg. semi-sweet chocolate morsels

In a large bowl, stir together cereal and peanuts. Place peanut butter morsels in a small microwave bowl. Heat on high 2 minutes, stirring halfway through cooking. After cooking, stir morsels until smooth.

Pour melted morsels over cereal and peanuts, stirring until cereal and peanuts are coated. Drop by spoonfuls onto cookie sheet lined with waxed paper. Chill until set, approximately 15 minutes. Store at room temperature.