49 Kraft caramels (14 oz. bag)
3 tbsp. water
5 c. crisp rice cereal
1 c. semi-sweet chocolate morsels
1 c. butterscotch morsels
1 c. peanuts

Melt caramels with water in saucepan over low heat. Stir frequently until sauce is smooth. Pour over cereal and nuts; toss well until coated. With greased fingers, press mixture into greased 9 x 13 inch baking pan. Sprinkle morsels on top. Place in 200 degree oven for 5 minutes. Spread softened morsels until blended to form a frosting. Cool, cut into bars. This is delicious!