49 (14 oz.) Kraft caramels
3 tbsp. water
5 c. crisp rice cereal or toasted oat cereal
1 c. peanuts
1 (6 oz.) pkg. (1 c.) Nestles semi-sweet real chocolate morsels
1 (6 oz.) pkg. (1 c.) Nestles butterscotch flavored morsels

Melt caramels with water in saucepan over low heat. Stir frequently until sauce is smooth. Pour over cereal and nuts; toss until well coated.

With greased fingers, press mixture into greased 13 x 9 inch baking pan. Sprinkle morsels over top, place in 200 degree oven for 5 minutes, or until morsels soften. Spread softened morsels until blended to form a frosting. Cool and cut into bars.