Cook corn syrup and sugar together in a large saucepan over medium heat, stirring to dissolve sugar.
Bring mixture to a boil. Remove from heat.
Stir in peanut butter; mix well. Add cereal; stir until evenly coated.
Pour into the prepared pan, using your hands or a greased rubber spatula to pat everything into place.
Melt chocolate and butterscotch chips in a microwave safe bowl, in 30 second increments, stirring between each. Pour the chocolate over the peanut butter layer and use the back of a spoon to spread the chocolate all the way to the edges.
Cool at least 45 minutes, or until firm. Cut into bars.