1. Place oats, peanut butter and vanilla extract in a large bowl.
2. Set aside
3. . Combine sugar, milk, cocoa and butter in a large saucepan.
4. Bring to a boil; boil 1 minute (no longer!).
5. Remove from heat.
6. Pour over oat mixture; stir well.
7. Drop by large spoonsful onto wax paper and let cool.