In a large mixing bowl stir together pancake mix and sugar. In another bowl beat egg with a whisk or fork; beat in peanut butter. Stir in milk and water. Add egg mixture to pancake mix all at once. Stir just until combined but still slightly lumpy.
For standard-size pancakes, pour about 1/4 cup of batter onto a hot, lightly greased griddle or heavy skillet. (Use 1 to 2 tablespoons for smaller pancakes.) Cook over medium heat until pancakes are golden brown, turning to cook second sides when pancakes have bubbly surfaces and slightly dry edges.
For waffles, pour 1 to 1-1/4 cups of batter onto grids of a preheated, lightly greased waffle baker. Close lid quickly; do not open during baking. Bake according to the manufacturer's directions. When waffle is done, use a fork to lift it off grid. Repeat with remaining batter.
Meanwhile, for honey butter, stir together margarine or butter and honey. If desired, heat until margarine is melted. Spoon or drizzle over waffles or pancakes. Makes 8 (3-inch) pancakes or 3 (8-inch) waffles (4 to 6 servings).