Cook over medium heat, stirring frequently, until sugar dissolves and mixture begins to boil. Remove from heat. Stir in peanut butter. Mix well.
Add cereal. Stir until well coated. Press mixture into 13 x 9 x 2-inch pan coated with cooking spray. Set aside.
Melt chocolate and butterscotch chips together in 1-quart saucepan over low heat, stirring constantly. Spread evenly over cereal mixture. Let stand until firm.
Cut into 2 x 1-inch bars when cool.
Notes
To avoid a hard scotcheroo be sure to not overcook the sugar mixture.You can substitute the crispy rice cereal for other cereals such as Cornflakes or Special K.The bars are easiest to cut at room temperature so if you have frozen them or refrigerated them allow them to come to room temperature before cutting.: Special K or Cornflakes work great.