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In a small bowl, stir together oil and honey until well blended.
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In a large bowl, stir together cereals and pretzels, top with honey mixture, and stir until well combined.
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Microwave on high for 5-6 minutes, stirring well every 90 seconds, until it is cooked through and begins to look golden (it should no longer look "wet", but will still be slightly sticky!).
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Cool thoroughly before serving.
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Note: You might want to start nuking it for 45 seconds at a time and stirring in between; I've heard of some people having trouble with it burning otherwise.
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It may take as little as 3 minutes, so watch carefully!