In a large bowl, cream peanut butter and sugars until light and fluffy, about 4 minutes. Beat in the eggs, milk and vanilla. Combine the flour, baking powder and baking soda; add to creamed mixture and mix well. Cover and refrigerate for 2 hours or until easy to handle., On a lightly floured surface, roll out dough to 1/4-in. thickness. Cut with 2-in. to 4-in. cookie cutters. Place 2 in. apart on ungreased baking sheets. , Bake at 375° for 7-9 minutes or until edges are browned. Cool for 1 minute before removing from pans to wire racks to cool completely. Frost cookies and decorate as desired.