Cut the butter into cubes and place in a large saucepan. Set the pan over medium heat and stir until melted. Continue to stir the butter every ten seconds or so, until it bubbles and begins to foam. Once you see brown bits floating in the butter and a nutty aroma is released, immediately remove the pan from the heat.
Pour the butter into a bowl to stop the cooking process, making sure to get all the browned bits from the bottom of the pan. Allow the butter to cool to room temperature, or set it in the fridge for around 30 minutes to speed up the process.
In the meantime, mix together the flour, oats, baking soda, and cinnamon in a medium bowl until well combined. Set aside.
When the butter is cooled, pour it into a large bowl with the peanut butter and whisk until smooth. Add the brown sugar and granulated sugar and mix for 1-2 minutes. Beat in the egg and vanilla.
Once the wet ingredients are well mixed, add in the dry ingredients, M&Ms, pretzels, and chocolate. Stir the mixture together until a dough forms (be careful not to overmix). If the dough is too sticky, add 1-2 tablespoons more flour---you should be able to pinch a bit of dough without getting a lot of sticky residue on your fingers.
Scoop the dough onto a baking sheet lined with wax or parchment paper. Cover the tray with plastic wrap and refrigerate for at least 30 minutes but up to two days. At this point, the cookie dough can be frozen.1
Preheat the oven to 375℉ and line a baking sheet with parchment paper.
When ready to bake, evenly space the cookie dough balls onto the baking sheet with a 2'' gap between each cookie. If desired, press the top of the dough with more M&Ms and pretzels.
Bake for 10-12 minutes, rotating the tray halfway through. Remove the cookies from the oven once the edges are golden brown and set, but do not overbake (they will set more as they cool). Once out of the oven, sprinkle the cookies with flaky salt and allow to cool before serving.