Cook corn syrup and sugar together in a large pan over medium heat, stirring to dissolve sugar. Bring mixture to a boil. Remove from heat. Stir in peanut butter; mix well. Add cereal; stir until evenly coated.
Pour into greased 15 x 10-inch pan and pat into place.
Melt chocolate and butterscotch chips together in saucepan over low heat, stirring constantly. Spread over cereal.
Cool at least 45 minutes, or until firm.
To make reindeers, cut diagonally to form triangles or use a round cookie cutter to make circles. Add a small amount of frosting for nose and eyes. Use mini chocolate chips for eyes and red candies for the nose. Add a small amount of frosting and add pretzel “antlers”.