Bring 1 cup sugar and 1 cup corn syrup to a boil. Stir in 1 1/2 cups chunky peanut butter. Stir in 6 cups Special K cereal. Spread in a buttered jelly roll pan. Melt 12 ounce package of butterscotch chips and a 6 ounce package chocolate chips together over low heat and spread over cereal. Cool. Cut in squares.