In a medium saucepan, over medium heat, melt the butterscotch chips and peanut butter.
Place cereal in a large mixing bowl.
Pour the butterscotch mixture over the cereal and gently stir. Be careful not to crush the cereal flakes.
Scoop or spoon 2 tablespoons of the mixture onto the parchment-lined baking sheets forming little mounds of cookies. Alternatively, you can flatten them slightly to make a more "cookie-like" shape.
Continue until all the mixture is used.
Transfer the cookie sheet to a fridge to allow the cookies to chill and set up.
Store in an airtight container for up to 5 days.