Turn off the heat, and add the peanut butter, stirring until peanut butter is melted.
Pour over the cereal, mixing with wooden spoon.
Drop by spoonfuls onto waxed paper.
Allow to cool.
Store in airtight container or zip-lock bags (I use the 2-gallon size and try to"layer" them, including the wax paper in the bags so they don't stick together too much).