Preheat oven to 350°F. In a medium bowl beat the peanut butter and sugar with an electric mixer on medium speed until combined. Add the egg and beat to combine.
Divide and shape the dough into 24 balls. Place 6 dough balls on an ungreased cookie sheet. Press and shape dough balls to make elongated triangles.
Press the pretzels into the top of the cookies to make antlers. Bake for 8 minutes, or until just golden and set. While cookies are still warm, press a M&M® or Red Hot® onto the tip to make a nose, and press 2 candy eyeballs in the top center to make eyes. Let cool completely on wire racks. Repeat with remaining dough.