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I recommend the Cooks Illustrated version. Perfection! .. http://theculinarychronicles... ..
Oops! I responded too fast (Read your title without reading the details underneath.) Yes, you can substitute 1/2 the peanut butter for 1/2 the butter. If your recipe doesn't call for brown sugar, use it also, as it adds to the chewy factor. Here's an example of a Chewy Chocolate Chip Peanut Butter Cookie Recipe: http://allrecipes.com/Recipe...