Old-Fashioned Peanut Butter Cake

For the cake:
2 cups all-purpose flour
2 cups granulated sugar
1 teaspoon baking soda
1/2 teaspoon salt
1/2 cup (1 stick) unsalted butter
1 cup water
1/2 cup creamy peanut butter
1/2 cup vegetable oil
2 large eggs, at room temperature
1/2 cup milk, at room temperature
1 teaspoon vanilla extract
For the frosting:
1/2 cup (1 stick) unsalted butter
1/2 cup creamy peanut butter
6 tablespoons milk
1 teaspoon vanilla extract
3 cups powdered sugar
1/2 cup roasted peanuts, for topping

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