In a large saucepan, combine the granulated sugar and light corn syrup over medium heat. Stir constantly until the mixture comes to a boil. Allow it to boil for 1 minute without stirring, then remove from heat.

Stir in the creamy peanut butter and vanilla extract until smooth and well combined.

Add the Rice Krispies cereal to the peanut butter mixture, stirring until all the cereal is evenly coated.

Press the mixture into a greased 9x13-inch baking dish, using a spatula or your hands to spread it evenly.

In a microwave-safe bowl, combine the semi-sweet chocolate chips and butterscotch chips. Microwave in 30-second intervals, stirring in between, until melted and smooth.

Pour the melted chocolate and butterscotch mixture over the pressed cereal mixture, spreading it evenly with a spatula.

Allow the Scotcheroos to cool at room temperature for about 1 hour, or until the chocolate topping is set. Cut into squares and serve.