In a large mixing bowl, cream 1/2 cup butter and 3/4 cup light brown sugar (firmly packed) for about 4 minutes, until creamy and pale. Add 1 tsp vanilla extract and beat briefly, then add 1 large egg and beat until smooth. Add 3/4 cups creamy peanut butter and beat until combined.
In a separate bowl, sift 1/2 cup all-purpose flour, 1/2 tsp baking soda, and 1 tsp cornstarch, then gently whisk together. Add the dry ingredients to the wet mixture and gently fold to combine. Stir in 1 cup rolled oats, 1/2 cup plain M&Ms, and 1/2 cup semi-sweet chocolate chips until evenly distributed.
Cover the bowl with plastic wrap and refrigerate the dough for at least 1 hour to firm up so the cookies hold their shape.
Line two baking trays with parchment paper and preheat the oven to 350 F.
Remove the chilled dough from the fridge; it will be slightly sticky but firm enough to roll into balls by hand.
Portion the dough into balls of approximately 1 heaped tablespoon and place them on the prepared trays, spacing them apart. Flatten each ball slightly with your hand or a spatula, and press a few extra M&M's or chocolate chips on top if desired.
Bake the cookies for approximately 12 minutes, or until the edges are golden brown. Let the cookies cool slightly on the tray before transferring them to a wire rack to cool completely.