49 caramels (14 oz. bag)
3 tbsp. water
5 c. Rice Krispies
1 c. peanuts
1 (6 oz.) pkg. semi-sweet chocolate chips
1 (6 oz.) butterscotch chips

Melt caramels with water. Add cereal and peanuts. Melt chips by putting on top and put in 200 degree oven until melted. Spread to form frosting.