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Prepare a 9×9 pan with butter or cooking spray. Set aside.
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Combine peanut butter and honey in a large heavy saucepan on your lowest heat, stirring often, until melted.
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Bring to a gentle boil and remove from heat. Add chocolate chips and stir until smooth.
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Add cereal and peanuts (if you are using) and gently stir until well coated.
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Press into pan.
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Sprinkle with toffee bits if using. Refrigerate until cool and firm, about 2 hours. Enjoy!
