Preheat the oven to 350°F. Line large baking sheets with parchment paper.
In a medium bowl, whisk together the flour, baking powder, baking soda, salt, and cinnamon (if using). Set aside.
In a large bowl, use an electric mixer to beat the butter, peanut butter, granulated sugar, and brown sugar on medium-high speed until light and fluffy, about 2 to 3 minutes. Beat in the eggs, egg yolk, and vanilla, one at a time, beating well after each addition. Scrape the bottom and sides of your bowl with a spatula in between each addition. Slowly beat in the flour mixture until just combined. Add in the oats and chocolate chips until just combined.
Using a large spring-loaded scoop, drop 3-tablespoon sized balls of dough onto prepared baking sheets. Flatten slightly with the bottom of a measuring cup.
Bake for about 12 minutes, or until the edges are slightly browned, rotating baking sheets halfway through. Let the cookies cool on baking sheets for 5 minutes before removing to wire racks to cool completely. Cookies can be stored in an airtight container at room temperature for up to 3 days.
Notes
*This recipe was tested with conventional peanut butter (Skippy / Jif). I haven't tried these specific cookies with natural peanut butter, my classic Peanut Butter Cookies work perfectly with conventional OR natural PB. Feel free to experiment with using natural peanut butter in these cookies - but be sure it’s VERY well stirred to be completely smooth and cohesive with no oily or dry bits before using.