Melt butterscotch chips in double boiler and add peanut butter and stir until peanut butter is melted.
Pour over cereal that has been put in a large mixing bowl.
Put waxed paper on cookie sheet(s) and place cereal mixture by the spoonful (any size spoon depending on how large you want your cookies) onto the cookie sheet. Place in refrigerator or other cool place (I put mine outside in the winter as I live in Michigan) and chill until set. Keep uneaten cookies in a cold or cool place (especially in hot weather) as they will break up.