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Preheat oven to 350 degrees. Cream butter and sugars together until light and fluffy. Add vanilla and egg and beat until combined. Mix in peanut butter.
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Add dry ingredients and mix until well combined. Add chocolate chips and mix on low, then gently stir in M&M's.
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Scoop onto parchment lined baking sheets. Cook for 10-12 minutes or until lightly golden on the outside edge. Cool on cookies sheets for 2-3 minutes, transfer to a cooling rack.