Preheat oven to 275 degrees. Line a baking sheet with parchment paper.
Combine both cereals on the baking sheet and set aside.
In a small microwavable bowl, combine the butter, peanut butter, and brown sugar. Microwave on high about 1 to 2 minutes, stirring until mixture is melted and boiling.
Pour mixture over the cereal on the sheet and stir until most of the cereal is coated.
Place sheet in oven and bake for 1 hour and 45 minutes, or until cereal looks light brown.
Immediately stir in the peanut butter and chocolate morsels until well combined. Let the mixture set for 2 hours.
Place in a glass container sealed with a lid. Consume within the next 3 or 4 days.