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Cook corn syrup and sugar together in a large pan 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 greased 13x9-inch pan and pat into place.
Melt chocolate and butterscotch chips together in saucepan over low heat, stirring constantly. Spread over cereal.
Cool at least 45 minutes, or until firm. Cut into bars.