Grease a 15 x 10 piece of waxed or parchment paper. Set aside.
To make the Rice Krispie Treat:
In a large bowl combine marshmallows, butter, and peanut butter.
10 oz large marshmallows, 1/4 cup butter, 1/4 cup peanut butter
Cover and microwave on high for 2 minutes. Stir until well blended.
Stir in cereal until well coated.
5 1/2 cups Rice Krispies
Spread mini M&M' s onto waxed paper. Let the cereal mixture cool slightly, then spread carefully over the M&M' s to cover the waxed paper in an even layer. Be careful not to crush M&M's.
Mini M&M's
To make the Filling:
Combine chocolate and butterscotch bits in a medium microwave safe bowl. Melt in the microwave on high 2 minutes. Stir until smooth and let cool slightly.
1 1/3 cup chocolate chips, 3/4 cup butterscotch chips
Spread the chocolate butterscotch mixture over the cereal mixture to within 1" of edges.
Roll up jelly-roll style, starting from a short edge and peeling away the paper as you go.
Place the log seam side down on a serving plate. Wrap in plastic wrap and cool for 1 hr. or until set. Cut into ~ 3/4" slices.
Notes
I tried to assemble this as written, but trying to avoid crushing the M&M's resulted in a Rice Krispy layer that was too loose, allowing the filling to bleed into and through the Rice Krispy treat layer so the spiral was not defined.
Dad let me know that mom never assembled the log that way, instead she pressed the Rice Krispy treat mixture into an even layer, applied the filling, rolled it up and then pressed some mini M&M's onto the exterior for a bit of color.
If you do this, but still want some M&M's in the interior of the roll, just sprinkle them over the surface of the filling before rolling up the log.
I suggest melting the chocolate chips and butterscotch chips together first and setting that mixture aside to cool while making the cereal treat layer. The filling will be a bit less fluid that way and easier to roll up without bleeding through the cereal treats.
Cocoa Krispie Variation:
If you use Cocoa Krispies with the filling as written, there isn't much visual or flavor contrast between the Rice Krispy treat layer and the filling layer. Instead you can replace the chocolate chips with peanut butter chips to create a filling layer that will have a better visual and flavor contrast with the chocolate cereal treat layer.