Line a 13" x 9" pan with parchment paper or spray with cooking spray and set aside. Pour the Life cereal into a large bowl and set aside.

In a small saucepan on medium heat, combine the granulated sugar and the corn syrup. Stir the mixture until the sugar has dissolved and the mixture starts to bubble. When it starts to boil, remove from the stove and add in 1 1/2 cups of peanut butter. Reserve the remaining 1 cup of peanut butter. Mix the peanut butter into the corn syrup mixture until the peanut butter is melted and it is well-combined.

Pour the peanut butter mixture over the Life cereal and mix until the cereal is well-coated. Press the peanut butter-cereal mixture into the prepared pan.

In a microwave-safe bowl, melt together the chocolate chips and peanut butter for about one minute, mixing until well combined. Spread this on top of the Life mixture into the pan. Top with Valentine's M&m's and chocolate chips. Let the bars cool. Note: I prefer cooling and keeping these bars in the fridge, but you can definitely keep them at room temperature as well. If cooling at room temperature, cool for about 3 hours. Cooling in the fridge will take about 30 minutes. Cut and enjoy!