Preheat oven to 400F degrees. Grease muffin pans; set aside.
In a large bowl, combine first 8 ingredients (flour through sugar); make a well in the center of mixture. Set aside.
In a medium bowl, combine banana, egg, milk, oil, and extracts. Beat with a wire whisk until well blended. Add to dry ingredients, stirring until just moistened. Fold in butterscotch chips.
Spoon batter into greased muffin cups, filling each cup 3/4 full. Bake for 13 to 15 minutes, or until a wooden pick inserted in center of muffin comes out clean. Remove muffins from pans immediately and cool on a wire rack.