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Grease an 8 x 8 x 2-inch pan with cooking spray or softened butter.
Place the butter in a large pot on the stove and melt it over medium heat. Add the sweetened condensed milk and stir with a rubber spatula for about 2 minutes, until the butter and condensed milk combine. Small bubbles should form in the center of the mixture.
Add the marshmallows and stir until melted and smooth.
Add the vanilla and salt and stir again.
Off the heat, add the Rice Krispies and the remaining 1 cup of marshies and stir to combine. (The extra cup of mini marshmallows for folding in at the last minute is optional — not everyone is into gloopy Rice Krispies Treats. The tablespoon of vanilla works wonders with the melted, buttery marshmallows too.)
Transfer to the prepared pan and press down lightly with a sheet of plastic wrap (you don’t want to pack the Rice Krispies Treats down or they’ll lose their inherently soft and gooey texture). Sprinkle with flaky sea salt, if using.
Let sit on the counter for at least 1 hour to set up. Cut into 16 slices and serve.
You can store any leftovers in an airtight container on the counter for up to 3 days. (But don’t worry, there won’t be any.)