Cook corn syrup and sugar together in a large saucepan 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. Butter hands or spray with cooking spray. Press cereal mixture into 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 the bunnies, use bunny cookie cutters to cut into shapes. Add a small amount of frosting to cover the bunny surface sprinkle the shredded coconut and use the pink sprinkles to accent the ears.
Use candy-coated chocolate candies for your eyes and noise, black licorice for the mouth.