1 stick butter
1/2 c. peanut butter
2 c. flour
2 eggs, slightly beaten
1/2 c. milk
1 c. water
1/2 c. cooking oil
2 c. sugar
1 tsp. vanilla
1 tsp. baking soda

In sauce pan, combine butter, water, peanut butter and oil. Bring to a boil, remove from heat and add remaining ingredients. Stir together. Pour into greased and floured jelly roll pan and bake at 375 degrees for 20 to 25 minutes.

ICING:

1 stick butter
1/3 c. milk
1/2 c. peanut butter
1 tsp. vanilla
1 lb. powdered sugar

Combine in saucepan: milk, butter and peanut butter. Bring to a boil and remove from heat, add vanilla and powdered sugar. cream well. Ice cake while warm.