Step 1

Combine the cocoa powder, sugar, and water in a medium saucepan. Heat over medium low. Stir until cocoa powder and sugar are dissolved, about 2 minutes.

Step 2

Add the peanut butter and vanilla and continue stirring while syrup heats, about 5 minutes.

Step 3

When all ingredients are dissolved completely, and the sauce has slightly thickened, about 10 minutes total, remove from the heat. Let cool slightly.

Step 4

Serve warm drizzled over ice cream or dessert, stirred into milk, or just eat it with a spoon!