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Coat a 10- x 15-inch baking sheet with cooking spray. In a large pot over medium heat, melt butter and marshmallows, stirring until completely melted. Add peanut butter and 1 cup chocolate chips, stirring until smooth. Add cereal and cranberries, mixing until evenly coated.
Spread evenly on baking sheet and sprinkle with remaining 1/2 cup chocolate chips, lightly pressing them into cereal mixture.
Place in refrigerator 10 minutes, or until firm, then cut into 21 bars. Store in an airtight container.