1
: Line a baking sheet with parchment paper.
2
: Place chocolate and sweetened condensed milk in a heat proof bowl. Bring water to a boil in a saucepan. Remove from heat. Place bowl containing chocolate and sweetened condensed milk over water making sure the water does not touch the bottom of the bowl. Stir occasionally until chocolate is melted and combined with the sweetened condensed milk.
3
: Remove bowl from saucepan and stir in cereal.
4
: Spread mixture ½” (1 cm) thick on prepared baking sheet and chill in refrigerator. Cut into chunks. Store in freezer.