Prepare Pan: Line an 8x8-inch baking pan with parchment paper or lightly grease it. Set aside.
Melt Ingredients: In a large saucepan, melt the butter over medium heat. Add the brown sugar and honey (or corn syrup). Stir until the mixture is smooth and begins to bubble. Continue to cook for 1-2 minutes.
Combine with Cereal: Remove the saucepan from heat and quickly stir in the mini marshmallows until they are completely melted and combined.
Add Cereal: Fold in the Hoola Hoops cereal until well-coated with the marshmallow mixture. If using chocolate chips, dried fruits, or nuts, fold them in at this stage.
Press into Pan: Pour the cereal mixture into the prepared pan. Use a spatula or the back of a spoon to press it evenly into the pan, compacting it as you go.
Cool and Cut: Allow the mixture to cool completely in the pan before cutting into squares or bars.
Serve: Once cooled, cut into bars and serve. Store in an airtight container at room temperature for up to a week.