Bring 17 fluid ounces water to a light boil. Add the sugar to make a simple syrup. Lower the heat. Scoop out the peanut butter using a heat-resistant spatula and place in the simple syrup. Stir the mixture until the peanut butter begins to dissolve; if necessary alternate on and off heat. Note: The peanut butter mixture should not bubble or boil or the pot edges will burn.
Once the peanut butter mixture's color and texture is uniform, pour half of the condensed milk (3.5 ounces) into the pot and turn off the heat. Stir the remaining half of the condensed milk (3.5 ounces) into the cooling peanut butter mixture until the color becomes lighter and appearance is creamy.
Allow the mixture to cool.
This recipe was provided by a chef, restaurant or culinary professional. It has not been tested for home use.