Heat oven to 350°F. Beat butter and sugars in large bowl with standing mixer until light and fluffy. Add eggs and vanilla; mix well.
Combine next 4 ingredients. Gradually beat into butter mixture until blended. Stir in chocolate chips and Mallow Bits. Cover and chill 1 hour.
Drop 2 tablespoons dough, 2 inches apart, onto baking sheets. Bake 9 to 11 minutes or until edges are lightly browned. Cool on baking sheets 5 minutes; remove to wire racks and cool.