In large microwavable bowl, mix cereals.
In medium microwavable bowl, microwave caramels, butter and milk uncovered on High 2-3 minutes, stirring after each minute, until caramels are melted and mixture is smooth.
Pour over cereals; gently stir until evenly coated.
Microwave on High 3-4 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.
Note: 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.