Combine the milk, peanut butter and banana in a blender and blend until smooth, about 2 minutes. Add the ice cream and blend until combined but still thick. Pour into small cups.
Thin the strawberry preserves with 1 to 2 teaspoons water. Add a dollop to each cup and swirl using a long skewer? have fun with it! Top with the crushed peanuts and put a sliced strawberry on the edge of each cup.