Cook corn syrup and sugar together in a large pan over medium heat, stirring to dissolve sugar. Bring mixture to a boil. Remove from heat. Stir in peanut butter; mix well. Add cereal; stir until evenly coated.

Pour into greased 15 x 10-inch pan and pat into place.

Cool at least 45 minutes, or until firm.  Cut into 32 rectangles.

To make santas, dunk the top of the rectangle about 1-inch into the melted white chocolate.  Dunk it into a bowl of red sprinkles for the "hat."  Dunk the bottom 1-inch into the white chocolate and dip into a bowl of shredded coconut for the "beard."  Use the melted white chocolate to add the mini chocolate chips for "eyes" and a white chocolate chip for the "nose" and ball of Santa's hat.