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 13 x 9-inch pan; 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.