Line an 8-inch square pan with aluminum foil and lightly butter, to ease the process of removing the bars from the pan. Set the pan aside.
In a 2-quart saucepan over medium heat, place corn syrup and granulated sugar and stir using a rubber spatula. This step is the most important one!
Heat the sugar syrup slowly until it becomes clear and the edges just start to bubble, about 3-5 minutes. Don’t rush the sugar heating process or the bars will be hard when they cool.
When the mixture starts to bubble, turn off heat. Add peanut butter and stir until smooth.
Add rice cereal and stir carefully until evenly coated.
Place cereal mixture into buttered pan. Press evenly.
In a microwave-safe bowl, place chocolate and butterscotch chips and stir to combine. Heat chips for 20-30 second increments, stirring between each increment until chips are smooth.
Pour on top of cereal bars and spread to evenly coat. Allow to cool for 30-60 minutes before cutting.
When cool, lift foil out of pan and carefully peel away from bars. Cut into small squares and serve.
Notes
Nutrition information per serving: 118 calories; 4g fat; 74mg sodium; 20g carbohydrates; 1.7g protein.