Add all the ingredients to a small saucepan on medium low heat and stir to prevent burning on the bottom.
Simmer for 5 mins until thick and soft. Mash slightly.
Simmer for 5 more mins until nice and thick, blitz in a food processor until smooth.
For the Peanut Butter Swiss Meringue Buttercream:
Add egg whites and sugar to a heatsafe bowl over a pot of simmering water (bain marie). Make sure the water doesn’t touch the bowl!
Gently whisk the sugar and egg whites together until all of the sugar is dissolved. Test if it’s done by carefully rubbing some of the mixture between your figures.
Transfer the mixture to a stand mixer and using the whisk (balloon) attachment, mix for about 10-15 minutes and the bowl is completely cool. Mixture should be really light and fluffy.
On medium speed, add softened butter in little cubes or single pieces at a time. Take your time and keep going.
Once fully combined and silky smooth looking, add in your peanut butter and let whip until combined and fluffy.
Add pink coloring, whip to get consistent color and you're done!