In a small saucepan over medium heat, melt 5 Tbsp of butter. When it’s melted, pour in oats and stir for about 5-7 minutes, until browned and toasted.

Lay a piece of parchment paper on a baking sheet and when the oats are done toasting, pour them into an even layer on the parchment paper. Set aside to cool.

In a medium bowl, whisk together flour, baking powder, and salt. Set aside.

Add peanut butter and vanilla and continue mixing until well-combined.

Beat in the flour mixture until just combined, taking care not to over-mix.

Fold oats and sprinkles into the batter.

Divide dough into two portions. Place one portion on a large piece of parchment paper. Cover with a second piece of parchment paper. Using a rolling pin over the top of the parchment paper, roll the dough out, until it’s about ¼ inch thick and even. Repeat with second ball of dough.

Place rolled out dough sheets in the refrigerator for about 20-30 minutes to chill.

Once dough is chilled, pre-heat oven to 350 degrees and line two cookie sheets with parchment paper.

Working with one portion of dough at a time, place on floured surface and take the top sheet of parchment paper off.

Using a 3.5-inch round cookie cutter, cut circles out of the dough and place on baking sheets. Re-roll scraps to get about 12 cookies out of each portion of dough. Repeat with second dough sheet.

Bake cookies at 350 degrees for 9-11 minutes, until just starting to turn golden at edges.

Let cool on the pan for a minute before moving to wire racks to cool completely.