Combine all ingredients in medium saucepan over medium-high heat, stirring constantly until well combined and heated through. Do not let the mixture scorch the bottom of the pan. Remove sauce from heat and cool slightly.
Serve over chicken or fried tofu with parboiled bok choy or fresh spinach and rice.
Sauce will keep in the refrigerator for weeks or it can be frozen. Refrigerated peanut sauce may need to be thinned with a little water or coconut milk upon reheating.