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In a medium to large size sauce pan, heat butter, milk, sugar and cocoa over medium heat, blending well and stirring continuously.
Bring to a rapid boil. Once boiling, allow to a boil (while continuing to stir) for 1 ½ minutes, then remove from heat.
Next, add vanilla and peanut butter and blend well, then add oats, blend well.
Drop large spoonfuls of batter on wax paper. Allow to cool/set for 25 to 30 minutes on counter.
Enjoy with a large glass of cold milk!