In a 3 qt. saucepan, combine sugar & light corn syrup. Cook over medium high heat, stirring frequently, until sugar melts and mixture starts to boil. Remove from heat, stir in peanut butter until well combined. Stir in the cereal, and stir until well coated. Press mixture into a 9 x 13 in. pan that has been coated with cooking sray. Set aside.
In a 1 qt. saucepan, combine the semi-sweet & butterscotch chips. Heat on low, stirring constantly, until chips are melted. Spread over the cereal mixture.