Line a cookie sheet with Parchment paper, and set aside.
In a medium sauce pan, over medium heat, bring the Milk, Sugar, and Cocoa to a boil, stirring constantly. Boil for one minute, and remove from the heat. Add the Peanut Butter, and Vanilla.
Stir to combine.
Add the Oats, and stir until blended. Place the pan back on the warm burner, but don't turn on the heat.
Add the Caramels, stir, and let sit for 5 minutes until Caramels are melted.
Stir well, and drop by the teaspoonful onto the Parchment paper lined cookie sheet. Let sit for at least 45 minutes to allow cookies to set.
Refrigerate in a air tight container. May be kept for up to 5 days, if kept refrigerated. Enjoy!