1/2 cup butter or margarine
1/4 cup plus 2 tablespoons milk
1/4 cup cocoa
4-1/4 cups (1 16-ounce bag) powdered sugar
1 teaspoon vanilla extract
1/2 cups chopped peanuts, optional
1/4 peanut butter
Combine butter, milk, and cocoa in a saucepan; bring to a boil, stirring constantly. Remove from heat. Add remaining ingredients; beat at medium speed of an electric mixer until smooth.
Yield: 2-3/4 cups.