In a microwave-safe bowl combine the vanilla chips and butterscotch chips. Microwave for 1 minute and then stir. Then microwave another minute and stir again. Continue to microwave and stirring intervals until the chips are melted and smooth.
Stir in the peanut butter into the melted chips and stir well.
Add in the remaining ingredients and mix so that the mixture is well combined.
Quickly drop by the teaspoonfuls onto a wax paper lined cookie sheet.
Let cool until set. Store in a covered container.