Peanut icing can be used on all kinds of different cakes depending on oneâ€™s personal choice and preference. It is undoubtedly one of the most rich and delicious icings that is made from butter, peanut butter, milk and powdered sugar. In a saucepan, butter, peanut butter and milk have to be mixed and brought to a boil together. Then once it is boiled, the heat needs to be turned off and powdered sugar has to be added and mixed well. While the mixture is still warm the peanut butter icing can be poured over the cake. Peanut icing with butter can even be added to different kinds of cupcakes such as chocolate or vanilla or strawberry cup cakes.