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In a large skillet, heat sugar, honey and peanut butter over medium low heat, stirring until combined and just barely bubbly. Pay close attention so that you don't over-cook the mixture.
Turn off heat and stir in rice 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.