Honeyed Buttered Peanut Butter Waffles

1/3 cup chunky peanut butter
1 cup pancake mix
2 tablespoons sugar
1 can (5-oz) evaporated milk
1/2 cup water
1 large egg

Honey Butter:
1/4 cup butter -- softened
2 tablespoons honey

Place peanut butter in a 1-quart glass bowl. Microwave at High for 20 to 30 seconds. Add pancake mix and next 4 ingredients; beat at medium speed with an electric mixer just until smooth. Bake in a preheated, oiled waffle iron until golden. Serve with Honey Butter. Makes 8 (4-inch) waffles. Honey Butter: Combine butter and honey, stirring until blended. Makes 1/3 cup.