1. Heat oven to 375°F.
2. Beat sweetened condensed milk and peanut butter in large bowl until smooth. Add baking mix and vanilla; stir in peanut butter chips. Shape into 1-inch balls; roll in HOLIDAY SUGAR. Place 2 inches apart on ungreased cookie sheets; flatten slightly with bottom of glass.
3. Bake 6 to 8 minutes or until very lightly browned (do not overbake). Remove from oven; remove from cookie sheet to wire rack. Cool completely. Store in tightly covered container. Makes about 42 cookies.
HOLIDAY SUGAR: Stir together 1/4 cup granulated sugar, 1/2 teaspoon red colored sugar and 1/2 teaspoon green colored sugar in small bowl.