Preheat your oven to 350°F (175°C). Lightly grease a 10-inch cast iron skillet with non-stick spray or a little butter.
In a large mixing bowl, whisk together the melted (and slightly cooled) unsalted butter, packed light brown sugar, and granulated sugar until smooth and well combined.
Whisk in the whole egg, the extra egg yolk, and the vanilla extract until the mixture is glossy and smooth.
Add the all-purpose flour, baking soda, and salt. Use a rubber spatula to gently fold the dry ingredients into the wet ingredients until just combined. Do not overmix.
Fold in the semi-sweet chocolate chips and the red and green M&Ms.
Transfer the cookie dough into the prepared cast iron skillet. Use your hands or the spatula to press the dough into an even layer reaching the edges.
Gently press a few extra chocolate chips and M&Ms onto the top of the dough for presentation.
Bake in the preheated oven for 25-30 minutes. The edges should be golden brown and the center should look just barely set.
Remove the skillet from the oven and let the cookie cool in the pan for 15 minutes. The center will continue to bake slightly as it rests.
Serve warm directly from the skillet, topped with scoops of vanilla ice cream if desired!