In a microwave safe bowl, combine butterscotch chips and peanut butter.  Melt on high for 1 minute.  Stir. Melt in 30-second increments and stir until smooth.

In a large bowl, mix corn flake cereal and melted peanut butter mixture until evenly combined.  Scoop rounded tablespoon amounts onto a parchment or wax paper lined baking sheet.  Decorate with color sprinkles, if desired.  Allow cookies to set before storing in an air-tight container for up to 10 days.