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Preheat oven to 325F. Lightly grease a doughnut pan.
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Using a mixer, combine peanut butter and sugar until fluffy. Add in milk, oil, vanilla, and egg; mix. Sift flour, baking powder, and salt over top of peanut butter mixture. Use mixer to blend until just combined. Transfer to a pastry bag with a large, round tip (or a zip top bag) and pipe into doughnut pan. Bake 8 – 10 minutes, until doughnuts are golden brown and spring back when touched. Flip onto a wire rack and allow to cool for a few minutes before glazing.
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To make the glaze, whisk together melted butter and cocoa powder. Once the cocoa powder has melted into the butter, add milk, corn syrup, vanilla, and powdered sugar; whisk. If the glaze is too thin, add more powdered sugar. If too thick, add more milk.
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Dip the doughnuts into the glaze and allow the glaze to set about 30 minutes before serving.