Lay a sheet of wax paper on a large baking sheet.
Melt the buterscotch chips in a saucepan over medium low heat, stirring constantly. Remove from the heat and quickly stir in the peanuts and chow mein noodles until well coated.
With a spoon, drop onto wax paper; refrigerate and chill until set.
Store in an airtight container at room temperature.
Makes 3 to 4 dozen, depending on size.
Calories per candy piece (based on 3 dozen): 86