Peanut Butter Syrup

1. In a medium saucepan melt the butter or margarine over low heat. Stir in peanut butter until smooth. Combine syrup and water; stir into peanut butter mixture. Bring to boiling over medium-high heat, stirring constantly. Reduce heat and simmer, uncovered, about 5 minutes more or until slightly thickened. Serve warm or cool. Cover and refrigerate remaining syrup for up to 1 week. (Store only 3 days if chunky peanut butter is used.) Makes 1-1/2 cups.