1 (14 oz.) bag caramels
3 tbsp. water
5 c. Rice Krispies
1 c. peanuts
1 (16 oz.) pkg. chocolate chips
1 (16 oz.) pkg. butterscotch chips

Melt caramels with water in saucepan over low heat. Stir until sauce is smooth. Pour over cereal and nuts. Toss until well coated. Press mixture into a 9x13 inch pan. Sprinkle chips on top and place in 200 degree oven for 5 minutes or until chips soften. Spread chips to form a frosting. Cool and cut.