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

Bring the first 4 ingredients to a boil. Add the remaining ingredients and beat well. Mix and pour into greased jelly roll pan (10 x 15 with 3/4-inch sides).

Bake 20 minutes at 400°F.

Frosting:

1 stick butter
1/3 c. Carnation milk
1/2 c. peanut butter
4 c. powdered sugar

Heat the first 3 ingredients to boiling. Add powdered sugar. Mix until smooth and pour onto warm cake.