Melt butterscotch chips. When almost melted add chocolate chips and melt. Remove from heat and add peanut butter. Put 1/2 mixture on wax paper lined 9x13 inch pan.

In a saucepan mix butter, pudding, milk and flavoring. Bring to a boil. Remove from heat and add powdered sugar. Spread on top of chocolate mixture. Press in a 10 ounce package unsalted Spanish peanuts. Add remaining chocolate mixture.