Prepare an 8 x 8 square pan by lining it with parchment paper, leaving an overhang on all the sides. This makes it easier to take the fudge out of the pan.
In a saucepan (I prefer one with a handle as it is easy to pour), combine the chocolate chips and the condensed milk. I used 1 cup each of butterscotch and semi sweet chocolate chips. Also make it a point to leave some condensed milk remaining in the tin, so it will keep us occupied when stirring the mixture.
Place the pan on low-medium heat and keep stirring. Keep licking the rest of the condensed milk from the tin on the side. It took me about 10 minutes to completely dissolve the chocolate chip (and also to lick the tin).
Use a spatula to mix as it makes it much easier to scrape the gooey chocolate off the sides of the pan. I love my silicon spatulas for this purpose. Make sure that the chocolate mixture is very smooth.
Turn off the flame and add the rice krispies into the mixture. You can also use any nuts of your choice instead of the cereal. Walnuts would be great.
Mix well to incorporate the cereal evenly and pour it into the prepared pan. Do not try to smoothen the top using the spatula, as it will not happen. Tap the pan few times on the counter top to remove any air bubbles and also to even it out.
Loosely cover it with plastic wrap and let it set in the refrigerator for couple of hours.
Slice it into desired shape and enjoy! I have left my Chocolate Fudge in the refrigerator as it is quite warm here.