I thought you might enjoy this Peter Pan Peanut Butter ad from June 1942. Scroll down for related recipes.
I have a copy of a Peter Pan free recipe book. One of the recipes in it is for a peanut butter dessert sauce. I think that might be pretty close to what the company suggests to use on waffles. I’ll include that here for you. If you are interested in a sandwich spread recipe similar to the one mentioned in the ad, you might try this Chili Peanut Sandwich Filling.