In a medium saucepan, stir together the sugar, corn syrup, vanilla, and salt. Heat the mixture over medium heat until it starts to boil. Boil 2 minutes, stirring occasionally.
After two minutes, remove the pan from the heat and stir in the peanut butter, until smooth. Add the chocolate chips, and stir until melted. Stir in the Special K cereal until coated.
Drop the mixture by rounded spoonfuls onto wax paper or parchment. Allow to cool completely before serving.