In a large mixing bowl, combine 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 over marshmallows and chocolate. Beat until smooth.

Melt the butterscotch and peanut butter morsels together in the microwave for 1 minute, stirring after each 30 seconds until fully melted.

In a large bowl, mix rice krispies, melted butterscotch, and about a third of the chocolate mixture until combined.

Pour one-third of the chocolate mixture into a parchment-lined 13x9 baking dish, spreading evenly. Top with cereal mixture, pressing firmly. Repeat with remaining chocolate and cereal layers.

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