Line an 8-inch square pan with aluminum foil leaving overhang, spray with cooking spray; set aside.
In a large microwave-safe bowl, combine 1 heaping cup peanut butter, corn syrup, sugars, and heat on high power for 1 minute to melt.
Stop to stir. Mixture will be on the granular side, this is okay.
Return bowl to microwave and heat for 1 more minute on high power.
Stir in the vanilla.
Stir in the cereal and marshmallows. The marshmallows will melt to some extent, but not fully.
Turn mixture out into prepared pan, packing it down somewhat firmly with a spatula, and smooth the top.
Cover pan with a sheet of foil (to prevent fridge smells), and place pan in fridge to set up for about 2 hours or until set, before lifting out with foil overhang, slicing, and serving.
Bars will keep airtight at room temperature for up to 1 week, in the refrigerator for up to 2 weeks, or in the freezer for up to 6 months.