Combine oats, crispie rice cereal, dried cranberries and peanuts in a large mixing bowl. In a sauce pan, combine peanut butter and honey. Heat over medium heat, stirring constantly until peanut butter and honey are warmed and smooth. Remove from heat and add vanilla.
Add peanut butter mixture to oat mixture. Stir well to coat oats in peanut butter mixture and allow to cool slightly. Fold in mini chocolate chips.
Spray a half sheet pan (9"x13") and add mixture. Patting mixture down until firm. Cover and refrigerator for at least 2 hours or overnight. Cut into long thin bars or squares.