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In 3-quart saucepan, combine butterscotch chips and peanut butter.
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Cook over low heat, stirring constantly, until smooth.
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Remove from heat.
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Stir in Rice Krispies cereal, mixing until well coated.
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Press mixture evenly into 9x9x2" pan coated with cooking spray.
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Chill until firm.
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Cut into bars to serve.
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Store in airtight container in refrigerator.
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For variation, add one of the following with cereal: 1/2 cup mini marshmallows, 1 cup peanuts, 1 cup raisins, or 1 cup coconut.