49 (14 oz. bag) caramels
3 tbsp. water
5 c. rice or oat cereal
1 c. peanuts
6 oz. chocolate bits
6 oz. butterscotch bits

Melt caramels and water in saucepan over low heat or in microwave. Stir frequently until smooth. Set aside.

Mix cereal and peanuts. Pour caramel mixture over above. With greased fingers, press mix into greased 13x9 inch pan. Sprinkle chocolate and butterscotch bits on top. Place in 200 degree oven for 5 minutes or until soft. Spread chips until blended to form frosting. Cool and cut into bars.