1 (14 oz.) bag (49 pieces) Kraft Caramels
3 tbsp. water
5 c. Rice Krispies or toasted oats cereal
1 c. peanuts
6 oz. pkg. (1 c.) Nestle's semi-sweet chocolate morsels
6 oz. pkg. (1 c.) Nestle's butterscotch morsels

Melt caramels with water 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 13x9 inch pan.

Sprinkle morsels on top. Place in 200 degree oven for 5 minutes or until morsels soften.

Spread softened morsels until blended to make frosting. Cool. Cut into bars.