In a large microwaveable bowl, add the peanut butter and honey, and heat in 20 - 30 second intervals until the peanut butter is runny and can be combined easily with the honey. Stir in the vanilla.

Fold in the oats until completely combined, then fold in the chocolate chips, and M&M's.

Roll the dough into 1oz balls. Refrigerate until firm, then serve, or keep them refrigerated in an airtight container for up to 2 weeks. They also freeze well for up to 3 months. Thaw overnight in the fridge before eating.