Preheat oven to 350 degrees F. Lightly grease a 9- X 5-inch loaf pan. Line the pan with parchment paper with a 2-inch overhang on two sides. Lightly grease the parchment paper.

Pour melted butter in the pan. Sprinkle 1/4 cup brown sugar and peanuts evenly over bottom of the pan. Sprinkle water over peanuts.

Whisk together flour, baking powder, baking soda, and salt in a medium bowl.

Beat egg in a large bowl for 1 minute using an electric mixer at medium speed. Add remaining 1 cup brown sugar and peanut butter and beat well.

Add buttermilk and beat until blended.

Add flour mixture and beat until moistened and just combined. Do not over-mix.

Stir in chocolate chips.

Spoon mixture into pan and use spoon to spread it so the sides are higher than the middle.

Place the pan on a baking sheet and bake for 40 minutes.

Check the bread to see if the edges are browning too quickly (butter that seeps up from the bottom of the pan may cause this to happen). If so, lay strips on foil on the ends of the bread (do not cover the middle).

Continue baking for 20 minutes, or until a toothpick or cake tester inserted in the center comes out clean.

Cool bread in the pan for 10 minutes.

Use the parchment paper to lift the bread out of the pan and place on a wire rack. Cool completely before slicing.