Combine the peanut butter and butterscotch chips and heat over a very low heat until melted. Alternatively, you can do this in a microwave-safe bowl using 50% power and stirring every 30 seconds.
Mix together the melted chips, cereal and nuts with a rubber spatula. Working quickly, drop by spoonfuls onto a tray lined with parchment or wax paper. Chill until set.
