Beat sugars and butter at low speed with an electric mixer until creamy. Add eggs and next 3 ingredients, beating until combined. Stir in oats and remaining ingredients.
Drop by tablespoonfuls onto ungreased baking sheets.
Bake, in batches, at 350° for 15 minutes. Remove to wire racks to cool.
Note: For testing purposes only, we used red, white, and blue M&Ms.