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

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 9x13 inch pan. Sprinkle morsels on top. Place in 200 degree oven for 5 minutes or until morsels are soft. Spread softened morsels until blended to form a frosting. Cool, cut into bars.