1 6 oz. pkg. butterscotch chips
1/2 c. peanut butter
1 1/2 c. Cheerios
2 c. miniature marshmallows
1 c. M&Ms

Heat chips and peanut butter in a heavy saucepan until the chips are melted. Remove from heat. Stir in cereal, marshmallows, and M&Ms. Drop by rounded tablespoonfuls onto waxed paper. Let stand until firm, about 1 hour.