1 pkg. butterscotch chips
1/4 c. light corn syrup
1/4 c. butter
1 tsp. vanilla
2 c. Cheerios
1 c. peanuts

Heat butterscotch chips, corn syrup, butter and vanilla in 2 quart saucepan over low heat, stirring constantly, until butterscotch is melted and mixture is smooth; remove from heat. Stir in cereal and peanuts until well coated. Drop mixture by round teaspoonfuls onto buttered waxed paper. Refrigerate until firm.