Spray a 13x9-inch baking pan with cooking spray. (Or for even easier cutting, line with double thickness of aluminum foil, allowing extra to extend over edges and then spray with cooking spray. )
In a large bowl, combine cereal, pretzels, dried cranberries and chocolate chips.
In a 2-quart saucepan, heat sugar and corn syrup over medium heat until sugar is dissolved; reduce heat to low. Stir in peanut butter just until smooth. Allow to cool for 5 minutes, then pour over cereal mixture, stirring until all pieces are coated. Spread in pan, pressing with wet fingers until even. Sprinkle with decorator sprinkles. Let cool at least 1 hour or until bars are firm.
If using aluminum foil, lift bars from pan using foil handles; remove foil. Place on cutting board. With long sharp knife, cut bars crosswise into 12 strips. Cut lengthwise through center.
Makes 24 bars.
Variation: For Caramel Magic Wand Bars, omit the sugar, corn syrup and peanut butter. Instead, in medium microwavable bowl, heat 1 package (11 oz) caramel bits and 2 tablespoons milk 2 minutes, stirring every 30 seconds, or until completely melted and mixture is well blended. Pour over cereal and continue as directed above.
Per Serving: Cal. 255 (13% DV), Fat Cal. 79, Pro. 4 g (8% DV), Carb. 45 g (15% DV), Fat 9 g (13% DV), Chol. 0 mg (0% DV), Sod. 165 mg (7% DV), Vit. A 30 RE (2% DV), Vit C 2 mg (3% DV), Vit. E 0 mg (0% DV), Calcium 11 mg (1% DV), Iron 2 mg (12% DV), Folate 45 Ug (11% DV), Zinc 1 mg (5% DV), Pot. 124 mg (4% DV), Dietary Exchange: Starch 3, Fat 1