Pour Karo syrup and sugar into pan and heat just until sugar dissolves. This will only take a minute or so. If you cook the mixture too long, the final cookie will be rock hard.

Remove the mixture from the heat and stir in peanut butter until mixture is smooth. Measure cereal and place in a large mixing bowl. Pour sauce over cereal and mix until evenly combined.

Place scoops of the mixture onto wax paper to harden. Store in an air-tight container.