PREHEAT oven to 375° F.
COMBINE flour, baking soda, cinnamon and salt in small bowl. Beat butter, brown sugar, granulated sugar and peanut butter in large mixer bowl until creamy. Beat in egg and vanilla extract. Gradually beat in flour mixture. Stir in morsels and peanuts.
DROP dough by rounded tablespoons onto ungreased baking sheets. Press down slightly to flatten into 2-inch circles.
BAKE for 7 to 10 minutes or until edges are set but centers are still soft. Cool on baking sheets for 4 minutes; remove to wire racks to cool completely.