Pre heat oven to 325 degrees. Line a cookie sheet with foil.
Place the peanut butter and honey in a medium size sauce pan over low to medium heat. Heat the ingredients until the peanut butter is very warm but not boiling and loose. Whisk the 2 ingredients together to incorporate them. Add the cinnamon and vanilla to the pan, whisk to combine. Remove the pan from the heat and add the oats. Stir until well coated.
Pour the oats out onto your prepared pan and bake for a total of about 20 minutes, turning with a spatula once after 10 minutes of baking. Continue baking 10 more minutes until granola is light brown. Remove from the oven onto a wire wire to cool completely. Granola will become crunchy after cooling.