Preheat oven to 350 degrees. Beat butter, sugar, brown sugar and peanut butter at medium speed with an electric mixer until creamy. Add egg, beating until blended. Add baking mix, beating at low speed until just blended. Stir in toffee bits, peanuts and 2/3 cup of the milk chocolate morsels.
Drop dough by rounded tablespoon onto ungreased baking sheets; flatten dough with hand.
Bake for 10 to 12 minutes or until golden brown. Cool cookies on baking sheets for 1 minute; remove to wire racks.
Microwave caramels and 2 tablespoons of cream in a glass bowl for 1 minute; stir. Continue to microwave at 30-second intervals, stirring until caramels melt and mixture is smooth, and adding remaining cream, if necessary. Stir in vanilla. Spoon caramel mixture evenly onto tops of cookies. Melt remaining 2/3 cup of chocolate chips and drizzle evenly over cookies.
Nutrition information per serving: