Mix the pancake mix and sugar in a bowl. Microwave the peanut butter in a small bowl until it is warm. Stir well to distribute heat evenly. Don't let it get hot. Add the eggs and beat until well combined. Add the milk and water.

Stir the peanut butter mixture into the dry ingredients just until moistened. Heat a griddle or pan, grease it and pour about 1/4 cup of the peanut butter pancake batter in the pan. Turn when bubbles start coming up in the middle of the pancake. Cook a few more minutes and serve warm.

Serve with warm chocolate syrup if desired.

Tip: Heat your oven to 200 F and keep the pancakes you already made warm in there until everyone is ready to eat.