In a large saucepan, combine sugar and corn syrup. Heat just until bubbly. Remove from heat and stir in peanut butter. Stir until well blended, then gently stir in cereal. Lightly press mixture into buttered 9 x 13 pan. In double boiler or microwave oven, combine cholate and butterscotch chips and melt. Immediately spread over bars in pan. Refrigerate just until chocolate sets and hardens slightly. Cut in squares. Makes 3 to 4 dozen bars. ----