Cream together the butter and sugar until light and fluffy.
Beat in the eggs and vanilla.
Stir in the flour, oats, baking powder, and baking soda.
When well combined, mix in the Wheaties, peanuts, and chocolate chips. Stir vigorously to break up the cereal as you stir.
Use a medium cookie scoop to drop balls of dough on an ungreased cookie sheet. Place dough balls about 2 inches apart. Flatten each cookie slightly with a glass bottom dipped in granulated sugar.
Bake 10-12 minutes, cool on cookie sheet for 1 minute and then remove to cooling rack.
Notes
You can mix in up to 1/2 cup of shredded coconut, if you like.