In a small mixing bowl, combine the powdered sugar, powdered peanut butter and water.
Stir the mixture until the powdered sugar is fully dissolved and the glaze has a smooth consistency.
If the glaze is too thick for your liking, add a little more water, a teaspoon at a time, and mix well until you reach the desired consistency.
If the glaze is too thin and you prefer a thicker consistency, add more powdered sugar, a tablespoon at a time, and mix until you achieve the desired thickness.
Once you have the glaze at your preferred consistency, it's ready to use.
Drizzle the prepared glaze over your favorite baked goods such as cakes, cupcakes, donuts, or cinnamon rolls. You can also use it to glaze cookies or muffins.
Allow the glaze to set for a few minutes before serving.
Enjoy!