1 10 to 11 oz pkg butterscotch chips
1 cup peanut butter
8 cups crisp rice cereal
2 cups (12 ounces) semisweet chocolate chips
1/4 cup butter, cubed
2 TBSP water
3/4 cup confectioners' sugar
In a large microwave-safe bowl, melt butterscotch chips and peanut butter; stir until smooth. Gradually stir in cereal until well coated. Press half of the mixture into a greased 9x13 inch pan; set remaining mixture aside. In another large microwave-safe bowl, melt semisweet chocolate chips and butter. Stir in water until blended. Gradually add the confectioners' sugar, stirring until smooth.
Spread over cereal layer. Cover and refrigerate for 10 minutes or until chocolate layer is set. Spread remaining cereal mixture over the top. Chill before cutting into squares.