In a large sauce pan, bring the sugar and Karo to a boil.
1 cup sugar, 1 cup Karo
Immediately remove from heat and add the peanut butter and Rice (or Cocoa) Krispies. Stir until coated.
1 ½ cups peanut butter, 6 cups Rice Krispies
Scrape into the prepared pan and spread or press into an even layer.
To make the frosting:
Melt the chocolate and butterscotch bits together using a double boiler or the microwave, stirring until smooth.
1 cup chocolate chips, 1 cup butterscotch chips
Spread the chocolate butterscotch mixture over the Rice Krispie treat layer.
Cool until the frosting is set before cutting into bars.
Notes
Be very careful not to overcook the syrup, the longer it is cooked for the more dry and crunchy the treats will be. If you cook the syrup a little too long the treats will still be good, if slightly dry and crunchy, but if you take it too far you won't even be able to cut the treats, never mind eat them.
For a little insurance against over cooking the syrup, replace 1/4 cup (64g) of the peanut butter with 1/4 cup (56g) butter instead.
Peanut butter has no water content and tends to have a drying effect on the dishes it is in. The butter has about 15% or so water content bringing a little bit of moisture to the mixture which can help offset the effects of cooking the syrup a bit too long.
Don't compress the Rice Krispie mixture too much when spreading it in the pan - that can also lead to overly hard treats.
Mom always doubled the frosting on this and I recommend doing the same.