Step 1

Spray a 9x13-inch baking dish with cooking spray. Set aside.

Step 2

Place the cereal in a large heat-safe bowl.

Step 3

In a medium saucepan over low to medium-low heat, stir the corn syrup and sugar until the sugar is dissolved and no longer grainy. Do not allow it to boil.

Step 4

Once the mixture is hot, almost boiling, transfer the saucepan away from the heat.

Step 5

Stir the peanut butter into the corn syrup mixture.

Step 6

Carefully pour the hot mixture over the cereal, mixing it until combined.

Step 7

If the mixture appears runny, it may need more cereal. Add a little at a time. Be sure to work quickly as the mixture will set fast.

Step 8

Transfer the cereal-covered mixture to the baking dish and spread it into an even layer.

Step 9

While the cereal mixture cools, in a medium microwave-safe bowl, add the butterscotch chips and the chocolate chips.

Step 10

Heat the chips in the microwave at half power in 20-second increments.

Step 11

Stir after each interval and continue until they are fully melted.

Step 12

Pour the melted chip mixture over the cereal mixture. Use a rubber spatula to spread until the surface is covered.

Step 13

Let the Scotcharoos set for 20 minutes and cut them into squares.

Step 14

Serve and store in an airtight container for 5-7 days.