Family-Favorite Peanut Butter Cake

Directions

1. In a large saucepan, bring peanut butter, butter and water just to a boil. Immediately remove from the heat; stir in the flour, sugar, buttermilk, applesauce, eggs, baking powder, vanilla, salt and baking soda until smooth.
2. Pour into a 15x10x1-in. baking pan coated with cooking spray. Bake at 375° for 15-20 minutes or until golden brown and a toothpick inserted in the center comes out clean. Cool on a wire rack for 20 minutes.
3. In a small saucepan, melt butter and peanut butter over medium heat; add milk. Bring to a boil. Remove from the heat. Gradually whisk in confectioners' sugar and vanilla until smooth. Spread over warm cake. Cool completely on a wire rack. Refrigerate leftovers.