Cream the butter and sugars together in a medium sized bowl using a hand mixer. Once you have a creamy texture, add the vanilla, egg, and peanut butter. Mix well.
In a separate bowl blend together the flour, cinnamon, baking soda and baking powder with a whisk.
Pour the dry mixture into the bowl with the wet mixture.
Use a wooden spoon to mix all ingredients well, about 1 minute.
Add the M&Ms, sprinkles, and chocolate chips and continue to blend with the spoon.
Prepare a baking sheet. Using a scoop, add 2 inch balls of cookie dough to the sheet and separate them by a few inches.
Bake cookies for 11-12 minutes, or until the edges start to brown. Press down with the back of a spoon one minute before removing them from the oven. Continue to bake.
Remove the cookies from the oven. If you want the cookies to have extra M&M’s and sprinkles, now is the perfect time to add a few to the tops and press down easily.
Allow the cookies to cool for a minute before placing them on a wire cooling rack.