Add the honey and peanut butter to a medium size sauce pan, along with the olive oil if using. Stir the honey and peanut butter and heat over low heat. Once warm, combined and just beginning to bubble remove from heat.
Add the Cheerios to the sauce pan and stir until well combined. Make sure all of the cereal is coated well. Once combined, scoop the cereal mix in a greased 8x8 or 9x9 inch baking pan and spread into and even layer pressing down on the top to ensure everything sticks together.
Cover and place the peanut butter cereal bars in the fridge for at least an hour, or until completely set. Once set, slice into bars and enjoy.
Olive Oil: The olive oil is not required, but it helps the peanut butter and honey not stick the pan as much.Leftover Storage: Store leftover at room temperature for up to 4 days, or in the fridge for up to 1 week.Freezer Instructions: Store sliced cereal bars in the freezer for up to 1 month. I like to wrap mine in cling wrap then foil to avoid freezer burn. When ready to enjoy let thaw at room temperature overnight.Substitutions: Substitutions can easily be made to fit your personal preferences. You can swap out the peanut butter for almond butter or cashew butter. Alternatively, you can use maple syrup in place of honey for a vegan option. Different cereals can also be used like Multi Grain Cheerios or Honey Nut Cheerios. All these substitutions will alter the taste of the cereal bars, but the concept will still be the same.