STIR together flour, sugar and baking powder in large bowl.
BEAT egg with peanut butter in small bowl until blended. Stir in milk and oil. Add all at once to the dry ingredients, beating until blended.
HEAT skillet over medium-high heat or griddle to 375 degrees F. Spray with no-stick cooking spray. Pour 2 tablespoons batter for each pancake onto skillet. Cook until bubbles break the surface. Turn and brown the other side.
SERVE with syrup, fresh fruit or powdered sugar.