Take an 8 by 8 inch Baking Pan and lay waxed paper across bottom of the pan. Make sure it covers the complete bottom of the pan and over the sides. Press down into the pan with it overlapping the sides at opposite ends because you will use these ‘handles’ to remove the fudge after it has cooled.
Boil the sugar, syrup and water together to just about 240°F soft ball stage on a candy thermometer. It will take a little while. Boil at an even stage on about a medium high and don’t leave it. Make sure it does not boil over. You will probably need to adjust the heat every once in a while but keep at a climbing boil.
If you don’t have a candy thermometer – when you think it is done you can also take a spoon and dip it in the boiling mixture. Drop a small drop or so into a glass of cold water. It will form a soft but firm ball.
Remove the mixture from the heat and gently drop the peanut butter into the center of the sugar mixture in the pan.
Do not stir.
Allow to sit until it is slightly cooled. Just a couple of minutes.
Start beating thoroughly until well blended.
It will start to stiffen a bit.
Pour into the prepared pan and let cool.
Remove the fudge from the pan by lifting the two ‘handles’ of the waxed paper.
Place on a cutting board and cut into 16 squares.