1In sauce pan, combine butter, peanut butter and water. Cook until well blended. In large bowl, combine remaining ingredients. Add saucepan mixture to bowl and mix well. Batter will be thin. Bake at 350* for 10-15 minutes in a 15 x 10 x2 inch ungreased pan. Poke holes in cake with fork before frosting.
2In Saucepan, melt butter, peanut butter and water, Mix well. Stir in vanilla and gradually add powered sugar. Mix well. Spread over warm cake.
Frosting may be thin like glaze, which is how we prefer it.