Spray a 13x9-inch (33 x 23 cm) baking pan with cooking spray. (Or for even easier cutting, line with double thickness of aluminium foil, allowing extra to extend over edges and then spray with cooking spray.)
In a large bowl, combine cereal, pretzels, dried cranberries and chocolate chips.
In a 2-quart (1.89 L) saucepan, heat sugar and corn syrup over medium heat until sugar is dissolved; reduce heat to low. Stir in peanut butter just until smooth. Allow to cool for 5 minutes, then pour over cereal mixture, stirring until all pieces are coated. Spread in pan, pressing with wet fingers until even. Sprinkle with decorator sprinkles. Let cool at least 1 hour or until bars are firm.
If using aluminium foil, lift bars from pan using foil handles; remove foil. Place on cutting board. With long, sharp knife, cut bars crosswise into 12 strips. Cut lengthwise through centre.
Makes 24 bars.
For Caramel Magic Wand Bars, omit the sugar, corn syrup and peanut butter. Instead, in medium microwaveable bowl, heat I package (315g) caramel bits and 2 tablespoons (30 mL) for milk for 2 minutes, stirring every 30 seconds, or until completely melted and mixture is well blended. Pour over cereal and continue as directed above.