Line 2 large baking sheets with wax paper. Set aside.
In a large heavy bottomed saucepan, melt together the Karo® Light Corn Syrup and sugar.
Cook over medium-high heat stirring until the sugar has completely dissolved.
Bring the mixture to a boil then remove from the heat. Add the peanut butter stirring until fully incorporated with the syrup.
Add the cereal. Mix lightly then add the chocolate chips and chocolate peanut butter cups. Use a large silicone spoon or spatula to mix until combined.
Use a 2-oz ice cream scoop to divide the mixture. Shape into balls. Place side by side on the wax paper lined baking sheet. (Spray hands lightly with cooking spray if roiling by hand to prevent sticking)
Cool the bon bons completely or chill until firm.
Dipping: Melt the chocolate candy coating per the package instructions. Use 2 forks to carefully dip each bon bon in the chocolate returning to the wax paper lined baking sheets.
Immediately decorate with sprinkles then allow the chocolate coating to dry completely.
Store in an air tight container at room temperature.
Notes
Depending on how the filling is divided, yield may be greater. If yield is greater than 48 an additional (1 lb) package of chocolate candy coating may be needed. (For a total of 3)