Place the sugar and corn syrup in a microwave-safe bowl.
Microwave on High, loosely covered, for 2 minutes.
Stir until sugar dissolves.
Add the peanut butter and mix until smooth.
Place the rice cereal in a large bowl.
Pour the peanut butter mixture over the cereal and stir to coat completely.
Pat into a greased 9x13 inch baking dish with your hand covered by a plastic sandwich bag.
Place the chocolate chips and butterscotch chips in a large microwave safe bowl.
Microwave on High for 2 1/2 to 3 minutes.
Stir until smooth.
Spread over the cereal layer.
Chill 1/2 hour to set.
Cut into small squares.