In a large saucepan, combine sugar and corn syrup. Bring to a boil over medium heat, stirring constantly.
Remove from heat and stir in peanut butter until completely smooth.
Add Rice Krispies cereal and stir until fully coated.
Allow mixture to cool for 5-10 minutes until it can be handled comfortably.
Form mixture into 1-inch balls and place on a parchment-lined baking sheet.
Chill the formed balls in the refrigerator for 30 minutes.
In a microwave-safe bowl, combine chocolate chips with 1 tablespoon shortening. Microwave in 30-second intervals, stirring between each, until completely melted.
In another microwave-safe bowl, repeat the process with butterscotch chips and remaining shortening.
Using a fork, dip each chilled cereal ball into either the chocolate or butterscotch coating (or drizzle with both).
Return the dipped truffles to the parchment-lined baking sheet and add sprinkles if desired.
Refrigerate until coating is set, about 30 minutes.
Notes
For a festive touch, use colored sprinkles or drizzle with white chocolate for a decorative finish.