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Preheat your oven to 350°F (175°C). Grease a sheet cake pan or two 9x13 inch pans and set aside.
In a mixing bowl, combine the flour, sugar, salt, and baking soda.
In a saucepan, mix together the peanut butter, water, and butter. Bring to a rapid boil and then pour over the flour mixture.
Stir the mixture together and then add the eggs and buttermilk, mixing until fully combined.
Pour the batter into the prepared pan(s) and bake for 20-25 minutes, or until a toothpick inserted into the center comes out clean.
For the frosting, bring the butter, peanut butter, and buttermilk to a rapid boil in a saucepan. Remove from heat and stir in the vanilla and powdered sugar.
While still hot, spread the frosting over the cake. Allow the cake to cool completely before cutting.