6 oz. pkg. butterscotch morsels
1/2 c. chunky peanut butter
4 c. oven toasted rice cereal
6 oz. pkg. semi-sweet chocolate chips
1/2 c. sifted confectioner's sugar
2 tbsp. butter
1 tbsp. water

In large saucepan, combine butterscotch morsels and peanut butter; heat until morsels melt and mixture is smooth. Add cereal; stir until well coated. Press half the mixture into buttered 8 inch square pan. Chill in refrigerator while preparing fudge mixture. Set aside remaining butterscotch mixture. Over hot water (not boiling), or microwave 1 to 2 minutes, combine chocolate chips, confectioner's sugar, butter and water; stir until morsels melt and mixture is smooth. Spread over chilled butterscotch mixture. Spread remaining butterscotch mixture evenly over top. Press gently. Chill until firm, about 1 hour.