Prepare the cookie dough: Cream together butter and sugars. Add vanilla, salt, flour, and milk and mix to combine. Stir in chocolate chips. Use immediately, or wrap in plastic ready and chill until ready to prepare sundaes.
Place 1 cup ice cream in the bottom of each of two glasses (you could also do this in mason jars!) Add 1/4 of the cookie dough to each glass. Top with hot fudge sauce (as much as you would like, at room temperature). Add another cup of ice cream on top of hot fudge. Split the cookie dough in half and add each half to the glasses. Top with more hot fudge sauce (warm), caramel sauce (warm), chopped peanuts, sprinkles and maraschino cherries if desired. Serve immediately.
Makes two large servings, or four smaller servings.