In a large saucepan on low heat, melt chocolate chips and peanut butter.
Add in cereal and stir to mix well. Spread on wax paper lined cookie sheet and cool for about two hours.
Break up cereal into small pieces. Mixture will still be moist. Soften ice cream and fold in all but 1½ cups of cereal mixture and spread into a 10-inch springform pan.
Sprinkle remaining cereal mixture over the top and freeze.