Preheat oven to 360 degrees. Using a stand mixer, cream the butter, sugar, and brown sugar until it is nice and fluffy (approx. 3 minutes on medium-high speed). Add both eggs and vanilla and beat for an additional 2 minutes.
Combine all of the dry ingredients separately and add slowly until the cookie batter is fully incorporated. Next, add the chocolate chips and mix until well distributed. The cookie batter should be somewhat thick. If you want to set aside some cookie dough so you can also have regular chocolate chip cookies, set aside some of the cookie dough now.
Add the peanut butter morsels and mix slightly until fully incorporated.
Drop about 2 tablespoons of the cookie dough or use a medium cookie scoop and place the batter onto a baking sheet lined with parchment paper or foil. Flatten the cookie dough balls slightly with your hands and add the sprinkles (this helps them stick better). Bake for about 13-14 minutes until the edges are nice and golden brown. Remove from the heat and allow the cookies to stay on the cookie sheet for an additional 2 minutes before moving to a cooling rack.