Bring sugar and syrup to a boil. Add peanut butter and cook, stirring until well blended. Remove from heat and pour hot mixture over cereal. Mix quickly and thoroughly. Spread in a greased 9x12x2 inch pan. Sprinkle butterscotch and chocolate morsels over top. Press morsels into bar mixture lightly with spoon. When cool, cut into bars and store at room temperature.