49 (14 oz. bag) Kraft caramels
3 tbsp. water
5 c. Rice Krispies
1 c. peanuts
1 (6 oz.) pkg. (1 c.) chocolate morsels
1 (6 oz.) pkg. (1 c.) butterscotch 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 on top; place in 200 degree oven for 5 minutes or until morsels soften. Spread softened morsels until blended to form a frosting. Cool; cut into bars.