Spray a 9x13 baking tray with baking spray and set aside.
In a medium sauce pot bring the sugar and corn syrup to a boil, heating until sugar is fully dissolved. Remove from heat and stir in peanut butter and vanilla. Cool slightly before pouring over rice cereal. Using a rubber spatula coated in baking spray, stir to coat cereal. Gently press into all corners of the pan to create an even layer.
Meanwhile, in a medium microwave safe bowl, heat the butterscotch and chocolate chips together in thirty second intervals, stirring after each turn, until chips are melted and smooth. Pour over cereal bars and cool to room temperature. Do NOT refrigerate.
When bars are cool, cut into 1-inch squares and store in an airtight container for up to one week.
Notes
Do not refrigerate the bars, as that will make them harder than rocks!