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. Boil for 4 minutes, stirring constantly. Remove from heat.
Pour hot mixture over marshmallows and chocolate. Using an electric mixer, beat until chocolate has melted and mixture is smooth, about 2 minutes.
Melt butterscotch and peanut butter morsels together in microwave-safe bowl for one minute. Stir and heat at 30-second intervals until fully melted.
In a large bowl, combine Rice Krispies cereal, melted butterscotch mixture, and about one-third of the chocolate mixture. Mix completely.
Line a 13x9 inch baking dish with parchment paper. Pour one-third of the chocolate mixture onto the bottom, spreading evenly. Top with cereal mixture and press firmly.
Pour the remaining chocolate mixture over the cereal layer, spreading evenly with a knife.
Refrigerate for 1-2 hours until set. Remove and cut into bite-sized pieces. Enjoy!
Notes
Store in the refrigerator and enjoy within 5-7 days. Freezing is possible but may affect texture.