The long bull run in Treasury securities has made them hugely overvalued, says CNBC commentator Jim Cramer.

The two-year Treasury note yield hit a record low of 0.51 percent recently, thanks to the tenuous state of the economic recovery and investors’ desire to avoid risk.

But Cramer says stay away from Treasuries.

“I am not willing to get that little for my money," he said on his "Mad Money" CNBC show.

"I don't care if it is risk-free, I don't care if it is liquid. I think the fixed income supermarket is an outrageous rip-off.”

Instead, Cramer recommends buying blue-chip stocks with juicy dividends: telecommunications titan Verizon, chemical giant DuPont and timber company Weyerhaeuser.

Verizon has a dividend yield of 6.4 percent and is likely to increase the payout, Cramer says.

DuPont’s yield is 3.89 percent, and Weyerhaeuser will probably lift its yield to 4-5 percent from 0.46 percent currently as it turns into a real estate investment trust, he says.

The two-year Treasury isn’t risk-free, Cramer argues. You’re risking the opportunity for a better return.

Not everyone is bearish on Treasuries. Pimco’s Bill Gross has loaded up on them to the point that they comprise 51 percent of his Total Return fund.

With rates near zero, “an investor can make money simply by buying five-year Treasuries, watching them roll down the curve to four years and then popping back up to five years again,” he told Bloomberg.