Line a baking sheet with wax paper.
Butter a large bowl, and measure out 6 cups of Chex cereal. Set aside.
In a small saucepan, combine the corn syrup and sugar over medium heat and bring to a boil.
Once boiling, immediately remove from heat and stir in peanut butter. Pour over cereal and fold together.
Using a large cookie scoop drop cereal onto wax paper, and use your hands to press together and form them.
For frosting, using a microwave safe dish or a double boiler, melt together chocolate chips, butterscotch chips, peanut butter and vanilla. If microwaving, heat in 10 second intervals, stirring in between to prevent the chocolate from burning. Once smooth, spoon over the piles you have created.
Allow to cool completely at room temperature.