In a large mixing bowl, cream together the granulated sugar, brown sugar, peanut butter, shortening, butter, and egg until smooth and fluffy.
In a separate medium bowl, whisk together the flour, baking soda, baking powder, and salt.
Gradually stir the dry flour mixture into the creamed peanut butter base until a soft dough forms.
Cover tightly and refrigerate the dough for 2 hours to firm up.
Preheat oven to 375°F (190°C). Roll dough into 1 1/4-inch balls and space 3 inches apart on an ungreased cookie sheet. Flatten slightly and firmly press on mini pretzel twists for antlers, chocolate chips for eyes, and an M&M or Red Hot for the nose.
Bake for 9 to 10 minutes until edges are light golden brown. Rest on the cookie sheet for 5 minutes before transferring to a wire rack to cool completely.