Preheat your oven to 350F and line your 9x13 baking pan with parchment paper so that two sides overhang for easy removal.
Add your butter, brown sugar, granulated sugar, peanut butter, and vanilla extract together in your stand mixer fitted with a paddle attachment (a large bowl with a hand mixer will also work), and whip until the mixture is light and fluffy. You can briefly beat the butter and sugars together before adding the other two ingredients if you find your butter isn't creaming as smoothly as it should.
Scrape the sides and bottom of the bowl, then add in your egg and yolk. Beat until they are well-incorporated - about another 1 - 2 minutes.
Mix the flour, oats, baking soda, and salt together in a separate bowl before gently mixing into the butter mixture. Mix just until there are no streaks of flour. You may want to do this by hand with a spatula.
Add in your chocolate chips and M&Ms, plus any other mix-ins you want to add. Mix until they are dispersed throughout the dough.
Add the dough to your prepared baking pan and spread out to reach the edges.
Bake for about 20 minutes, or until the edges are a nice golden brown. Remove from the oven and allow to cool for a few minutes before slicing.
Notes
Store the leftovers in an airtight container.
You can freeze baked and sliced cookies. Freeze for an hour on a baking sheet before transferring to an airtight container with parchment lining between the layers.
You may also freeze the cookie dough. For better flavor development, let the dough rest in the refrigerator for up to three days before freezing.