Melt the peanut butter and canola oil in a medium saucepan over medium-low heat, stirring frequently.
In large bowl, mix the cereal and sugar. Pour the peanut butter mix over the cereal mix, and stir until well combined.
Make into 1 inch balls and refrigerate 2 hours, or until firm.
In double boiler, melt some of the chocolate chips (howe'ver many your double boiler can safely hold.) Drop the peanut butter balls into the liquid chocolate (maybe five at a time) and stir them in the chocolate until they are fully coated. With fork, remove bon bons from the chocolate and place them on wax paper. Add chocolate chips to double boiler as needed.
Let bon bons cool on wax paper until hard. If need be, put them in the refrigerator BRIEFLY (preferably not more than 5 min. or they will get sugarbloom).
These are absolutely not healthy (except maybe protein from the peanut butter) but they are every bit as delicious as they are bad for you.