Make the pancakes. To a container or large bowl, add the pancake mix, peanut butter and water according to package directions. Shake or whisk until almost smooth (a few lumps are ok). Let the mix rest 5-10 minutes before using.
In a large pan or griddle on medium high heat, melt a bit of butter to coat the pan. Pour pancake mix and cook as directed on packaging, flipping when small bubbles begin to show.