In a small bowl, cream butter and sugar until light and fluffy. Add egg and butter flavoring; mix well. Combine the flour, oats, baking soda and salt. Add to creamed mixture; mix well. Stir in cranberries and chips.
Roll a rounded tablespoonful of dough into a ball. Place 2 in. apart onto lightly greased baking sheets.
Bake at 350° for 9-11 minutes or until cookies are set and edges begin to brown. Cool for 2 minutes before removing to wire racks.