Preheat oven to 150 degree C. Grease a pan lightly with oil and set aside.
In a sauce pan, take peanut butter, brown sugar, honey, oil and heat it gently till it is melted. Now add in vanilla and mix well.
Now pour this over the oats and toss well. Spread this in the pan and spread evenly.
Now bake this for 30 to 35 mins or so till it is dried up and no longer sticky. stir inbetween to avoid burning and even baking.
Remove it from oven and cool completely. While it is still warm add m&ms and toss well. Cool it down and store in a air tight container. Enjoy with milk.