Chex Scotcharoos are made with Chex cereal, peanut butter, and chocolate and butterscotch chips. They're a no-bake dessert that's always popular with kids.
Butter a large bowl and a 9x13-inch baking dish with butter.
Place cereal in the bowl. Set aside.
Place corn syrup and sugar in a small saucepan over medium heat. Stir together. Bring to a boil and then remove from heat. Stir in 1 1/2 cups peanut butter.
Pour mixture over cereal and mix well. Transfer to prepared baking dish, pressing it down evenly with a rubber spatula.
Place chocolate chips, butterscotch chips, 1/2 cup peanut butter and vanilla in a microwave-safe bowl. Microwave at 20-second intervals, stirring in between, until completely melted.
Pour over cereal mixture. Cool completely before cutting into squares.