In large microwavable bowl, mix cereals
In medium microwavable bowl, microwave caramels, butter and milk uncovered on High 2 to 3 minutes, stirring after each minute, until caramels are melted and mixture is smooth. Pour over cereals; gently stir until evenly coated.
Microwave on High 3 to 4 minutes, stirring after each minute, until just beginning to brown. Spread on waxed paper to cool
In small microwavable bowl, microwave chocolate chips uncovered on High about 1 minute or until chocolate can be stirred smooth. Drizzle over snack. Refrigerate until set. Store in airtight container.
Tip* Techniques: For easy drizzling, spoon the melted chocolate into a small food-storage plastic bag. Snip off one tiny bottom corner and squeeze the chocolate over the cereal mixture