In a medium high-sided pot, bring honey and sugar to a boil. Once it comes to a boil, immediately take it off the heat and add in peanut butter. Mix until smooth. In a separate large bowl, measure out cereal. Pour honey peanut butter mixture over cereal and stir until coated. Press mixture into a lightly buttered 9 x 9 pan. Allow to cool before cutting. Makes 16 bars.