In a small mixing bowl whisk the peanut butter, milk, and egg together until a smooth batter forms. Stir in the baking powder.
Heat a pan over medium heat. When the pan is hot add the oil. Spoon the batter into the pan to form one pancake. Cook pancake for about three to five minutes per side or until golden brown and cooked through.
Add sugar-free syrup (or not) and enjoy!