Butterscotch Nibbles

12 ounces butterscotch morsels
1 cup peanut butter
8 cups Chex cereal
12 ounces milk chocolate morsels

In large saucepan over low heat, melt butterscotch morsels and peanut butter, stirring frequently.

Stir in cereal until pieces are coated.

Stir in chocolate morsels just until combined but not melted.

Spread on waxed paper-lined tray. Chill 30 minutes or until coating is set.