Spray a 9x13in baking pan with cooking spray (or grease with butter). Line with parchment paper and set aside.
Microwave chocolate chips in a microwave-safe bowl at 50% power for 30 second intervals. Stir between each interval, until just melted.
Pour melted chocolate onto lined baking pan. Spread evenly with a spatula, making sure it fully covers the bottom of the lined pan. Cover loosely with plastic wrap and place in the refrigerator to chill.
Combine 3/4 cup of the peanut butter and 1/4 cup of the honey in a medium saucepan. Cook over low heat, stirring, until melted. Remove from heat.
Pour in cheerios and mix until evenly coated. Remove the baking pan from the refrigerator and pour the mixture over the chocolate. With a spatula, press the mixture firmly into the pan. (Be sure to compress them well so they stick together). Set aside.
In the same saucepan you used previously, combine 1/2 cup peanut butter and 1/2 cup honey. Cook over low heat, stirring continuously, until melted. Drizzle over the top of the cheerio bars, then spread into an even layer with a spatula.
Let the bars cool to room temperature, then chill in the refrigerator for at least 20 minutes (or until the peanut butter has hardened). Then, slice into bars!*