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

Melt caramels with water in saucepan over low heat. Stir frequently until smooth. Pour over cereal and nuts; toss until well coated. With buttered fingers, press mixture into buttered 9"x13" pan. Sprinkle chips on top. Place in 200 degree oven for 5 minutes or until chips soften. Spread softened chips until blended to form a frosting. Cool and cut.