In a small saucepan, combine water and sugar. Bring to a boil, stirring; let cool.
1 ¼ cup water, ⅛ cup sugar
In a blender, puree peanut butter with the sugar syrup and evaporated milk. pour into a plastic cups and freeze until firm, at least 4 hours.
⅓ cup peanut butter, ¾ cup evaporated milk
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