1 (14 oz.) bag 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 in saucepan 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 13 x 9 baking pan. Sprinkle morsels on top. Place in 200°F oven for 5 minutes or until morsels soften. Spread softened morsels until blended to form a frosting. Cool. Cut into bars.