In a large mixing bowl, add marshmallows, milk chocolate morsels and baking chocolate. Set aside.
In a large pot, bring to a boil the sugar, cream and butter over medium high heat. Once boiling, continue to boil for 4 minutes, stirring constantly. Remove from heat. Pout hot mixture over marshmallows and chocolate. Using an electric mixer, beat until chocolate has melted and mixture is smooth (about 2 minutes).
Melt butterscotch and peanut butter morsels together in microwave bowl for one minute. Stir and heat in 30 second intervals until fully melted.
In a large bowl, combine rice cereal, melted butterscotch and about 1/3 of the chocolate mixture. Mix completely.
In a parchment paper lined 13x9 baking dish, pour 1/3 of the chocolate mixture onto bottom, spreading with a knife until bottom of dish is covered. Top with cereal mixture. Press firmly. Pour remaining 1/3 of the chocolate mixture over cereal, spreading with a knife. Allow to set up in refrigerator, about 1-1/2 hours. Remove and cut into bite size pieces. ENJOY!