Preheat oven to 300 degrees. Line a baking sheet with aluminum foil and spray with nonstick baking spray.
In a large microwave-safe mixing bowl melt butter. Add honey, brown sugar, cocoa, salt, and vanilla, and mix together.
Add oats, rice cereal, and coconut (if desired). Stir together to coat all dry ingredients. (See note)
Beat egg white. Drizzle over the granola and toss to coat with the egg white.
Bake for 20 minutes. (Stir every 5 minutes for granola that isn't in clusters.)
After 20 minutes of bake time turn oven off. Remove granola from oven and sprinkle chocolate chips over granola, don't stir. Return granola to the oven, which should be turned off but still warm. Close the door and let granola rest in the oven until it has cooled.
Remove the cooled granola from the oven and break it into pieces. Break them into smaller pieces to serve as cereal, or larger pieces to eat as clusters.
Store in an airtight container for up to three weeks!
Notes
Chocolate Rice Cereal: Substitute rice krispie cereal or oats for the chocolate rice cereal if desired.