1. Place crushed cereal into a shallow dish; set aside.
2. In medium saucepan over medium heat, combine butter, peanut butter and honey; salt and pepper to taste. Cook, stirring frequently, until melted and smooth. Remove from heat; let cool slightly.
3. Salt and pepper chicken to taste. Dip chicken into peanut butter mixture and coat with crushed cereal. Place on a large baking sheet that has been sprayed with cooking spray. Spray tops of chicken generously with cooking spray.
4. Bake in a preheated 425°F oven 20 minutes or until internal temperature reaches 170°F on an instant read thermometer, turning over halfway through.