In a small sauce pan, melt together the sugar and honey over low heat. Once dissolved, add the vanilla extract and peanut butter. Cook until smooth.

In a large bowl, combine the rice cereal and the peanut butter mixture. Stir until the cereal is evenly coated.

Press the cereal into a 9x13 inch pan. Set aside.

In the same sauce pan, add the chocolate chips, butterscotch chips, and butter. Melt over low heat, stirring continuously so that you do not burn the chocolate.

As soon as the chocolate chips are melted, remove from the heat and pour over the cereal bar. Spread until the top is evenly coated.

Let the chocolate harden before cutting and serving.