Combine peanut butter morsels, corn syrup, and 2 tablespoons butter in top of a double boiler; bring water to a boil. Cook over hot water until morsels melt; stir well. Add cereal, and stir well. Press half the mixture into a buttered 12x 8x 5 cm baking dish, and chill while preparing chocolate layer. Set remaining cereal mixture aside. Combine chocolate morsels and quarter cup butter in top of a double boiler; bring water to a boil. Cook mixture over hot water until chocolate melts; stir well. Add powdered sugar, milk, and vanilla extract, stirring until well blended. Spread chocolate mixture over chilled layer. Spread remaining cereal mixture over chocolate layer; press layered mixture firmly. Chill until set. Cut MICROWAVE DIRECTIONS: Combine peanut butter morsels, corn syrup, and 2 tablespoons butter in a large bowl. Microwave at HIGH for 1- half to 2 minutes or until morsels begin to melt. Stir until morsels melt. Add cereal, and stir well. Press half the mixture into a buttered 12x 8x 5 cm baking dish, and chill while preparing chocolate layer. Set remaining cereal mixture aside. Place chocolate morsels and quarter cup butter in a 1 litre casserole. Microwave at HIGH for 1- half to 2 minutes or until morsels begin to melt. Stir until morsels melt. Add powdered sugar, milk, and vanilla, stirring until well blended. Spread chocolate mixture over chilled layer. Spread remaining cereal mixture over chocolate layer; press firmly. Chill until set. Cut into bars. ----