Frosted Peanut Marshmallow Crispy Treats

1/4 cup margarine
1 (10 oz.) bag marshmallows (or 40 large marshmallows)
1/2 cup peanut butter
5 cups crisp rice cereal
1 cup peanuts
1 (6 oz.) pkg. butterscotch pieces
1 (6 oz.) pkg. semi-sweet chocolate pieces

Microwave margarine in large mixing bowl on High 45 seconds or until melted. Add marshmallows; toss to coat. Microwave 1-1/2 minutes or until smooth when stirred, stirring after 45 seconds. Blend in peanut butter. Immediately add cereal and peanuts; toss until well coated. Press mixture into greased 13x9-inch baking pan. Microwave butterscotch pieces and chocolate pieces in small bowl on High 1 to 1-1/2 minutes or until smooth when stirred, stirring every 30 seconds. Pour over cereal; spread to cover. Chill. Cut into squares. Makes 2 dozen.

Variations: Omit peanuts. Substitute chunk style peanut butter for peanut butter. Substitute 12-oz. pkg. milk chocolate pieces for butter-scotch pieces and chocolate pieces.

CONVENTIONAL: Melt margarine in 3-quart saucepan over low heat. Add marshmallows; stir until melted and well blended. Blend in peanut butter; remove from heat. Stir in cereal and peanuts until well coated. Press mixture into greased 13x9-inch baking pan. Melt butterscotch pieces and chocolate pieces in saucepan over low heat; stirring constantly. Pour mixture over cereal; spread to cover. Chill. Cut into squares.