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Preheat oven to 350F.
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Cream butter, brown sugar, and white sugar on low speed until combined.
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Add eggs and applesauce and mix until well-blended (about 2-3 minutes.)
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Mix in oats, flour, baking soda, baking powder, salt, and cinnamon.
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Add M&M's and mix.
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Refrigerate dough for 15-20 minutes.
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Line baking sheets with parchment paper.
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Drop heaping, rounded tablespoons of dough onto the baking sheet, spaced 2 inches apart.
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Bake cookies until golden and just set, about 13-15 minutes.
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Remove from oven and let cookies cool on baking sheets for 5 minutes.
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Move cookies to a wire rack and let cool completely.