Mix butter and sugars with a standing mixer in a large bowl until fluffy. Add eggs and vanilla to the bowl. Mix well.
Combine the dry ingredients in a separate container. Combine dry ingredients and butter mixture. Mix until smooth. Mix in Mallow Bits*, chocolate chips, and Mallow Chips. Cover and chill for at minimum 30 minutes or up to 24 hrs.
Bake at 350 degrees. Drop 2 tablespoons of dough, 2 inches apart, onto baking pans lined with parchment or silicone baking papers. Bake for 9 to 11, or until the edges are slightly browned. Let cool on baking pans for five minutes.