1 c. white sugar
1 c. white Karo or honey
1 1/2 c. peanut butter
6 c. Special K cereal

Bring sugar and Karo to a boil (be careful not to scorch). Mix in peanut butter; stir until smooth. Pour this mixture over Special K cereal which has been placed in a large bowl. Mix together and pat it firmly into a 9 x 13-inch pan. Cover with frosting and cut into squares.

1 pkg. light caramels (about 47 pieces)
6 oz. pkg. chocolate bits
1 to 2 Tbsp. milk

Melt caramels and chocolate bits in double boiler or microwave; thin with milk to make it easier to spread, if necessary.