In a large skillet, heat sugar, honey and peanut butter over medium low heat, stirring until combined and bubbly. Turn off heat and stir in cereal. Press into an 8″x 8″ baking dish lined with parchment.
In a medium glass bowl, melt chocolate and butterscotch chips in the microwave in 30 second intervals, stirring in between until melted. Pour over cereal mixture in the pan and smooth with a spatula.
Let cool until chocolate is hardened. You can speed up the process by placing in the refrigerator. Once set, cut into squares and enjoy! Store in an airtight container on the counter.