Cut racks of ribs to singles. Place in resealable bag. Mix 1/3 cup of the hoisin sauce, 1/4 cup of the peanut butter, 1/4 cup of the honey, sherry, soy sauce, 2 tablespoons of the water and garlic. Pour over the ribs, seal the bag and place in fridge for at least 4 hours. Overnight if preferred. Make sure to turn the bag from time to time.
Preheat oven to 350 degrees. Places ribs in a single layer on a non-stick sprayed shallow pan. I use a 13x9 glass pan. Cover pan with foil and bake for 1 1/2 hours. Drain and discard cooking juices.
In a separate bowl mix together 1/3 cup hoisin sauce, 1 tablespoon peanut butter, 1 tablespoon honey and 2 tablespoons water.
I finish these off on the grill. Brush the ribs with the sauce you just made and cook until you get nice grill marks on each side. You can also finish these off in the oven. Turn your oven up to 450. Brush half your sauce on the ribs and cook for an additional 10-15 mins turning and brushing the remaining sauce on your ribs half way through.
I have also made this several times with boneless skinless chicken and it is excellent. No need for oven baking. Marinade chicken, prepare sauce and cook on the grill brushing with sauce frequently until chicken is done. Delicious!!!