Step 1: Make the Base
In a saucepan over low heat, melt 1 cup chocolate chips, 1 cup butterscotch chips, and 1 cup peanut butter, stirring until smooth.
Remove from heat and stir in crisped rice cereal until evenly coated.
Press mixture firmly into a greased 9×13-inch pan.
Step 2: Add the Caramel Layer
In a saucepan, melt caramels with heavy cream over low heat, stirring until smooth.
Pour caramel evenly over the base layer and spread with a spatula.
Let cool for about 10–15 minutes.
Step 3: Make the Top Layer
Melt remaining 1 cup chocolate chips, 1 cup butterscotch chips, and ½ cup peanut butter over low heat, stirring until smooth.
Pour over the cooled caramel layer and spread evenly.
Step 4: Set and Serve
Refrigerate for at least 1–2 hours until firm.
Cut into bars or squares.
Store in an airtight container at room temperature for softer bars or in the fridge for a firmer bite.
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