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Line a 9 inch square pan with foil. Grease foil with 1 t. butter; set aside. In heavy saucepan, melt the Tootsie Rolls, peanut butter and remaining butter over low heat, stirring constantly, Gradually stir in powdered sugar, milk and vanilla. Fold in pecans.
Spread into prepared pan. Using a sharp knife, score the surface into 1 inch squares. Press M&Ms into cent of each square. Cool. Using foil, remove from pan; cut into squares. Store in an airtight container. About 2 pounds.
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