Chocolate Peanut Butter Fudge Frosting 4 Reviews By meghanb recipe Comments | 1 Favorites | 718 Print This frosting is rich and fudge-y. Good enough to eat right out of the bowl! Chocolate Peanut Butter Fudge Frosting Ingredients 1/2 cup shortening1/2 cup creamy peanut butter1/2 cup water1 cup sifted cocoa powder4 cups icing sugar Instructions Cream together shortening, peanut butter and water until smooth. Add icing sugar, one cup at a time, mix until just blended. Add cocoa, mix until smooth. You may have to add up to another 1/4 cup water, this frosting can be very sticky and thick because of the peanut butter and cocoa.