Combine noodles and peanuts in a large mixing bowl. Set aside.
Combine condensed milk, chocolate pieces, and butterscotch pieces in a medium saucepan. Cook over low heat, stirring constantly, about 5 minutes or until pieces are melted.
Pour chocolate mixture over noodles and peanuts. Stir until thoroughly coated. Drop by rounded teaspoons onto a cookie sheet lined with parchment or waxed paper. Cool at room temperature, or chill in the refrigerator, until firm. Store, covered, in the refrigerator. Makes 30.