In a large mixing bowl, add marshmallows, milk chocolate morsels, and baking chocolate. Set aside.

In a large pot, bring to a boil the sugar, cream, and butter over medium-high heat. Continue boiling for 4 minutes, stirring constantly. Remove from heat and pour hot mixture over marshmallows and chocolate. Beat until melted and smooth.

Melt butterscotch and peanut butter morsels together in microwave at 30-second intervals, stirring until fully melted.

In a large bowl, combine rice cereal, melted butterscotch, and about one-third of the chocolate mixture. Mix thoroughly.

In a parchment-lined 9x13 inch baking dish, pour one-third of the chocolate mixture onto the bottom, spreading evenly. Top with cereal mixture, press down, then cover with remaining chocolate mix and spread smoothly.

Refrigerate for 1-2 hours. Once set, cut into bite-sized pieces and enjoy!