Put chocolate, chipotle, cinnamon, salt, and 1/4 c water in a heavy pan over low heat. Stir until chocolate is melted and everything starts to come together smoothly.

Immediately add more water, about 1/3 c at a time, and stir after each addition, until you have a smooth sauce.

Then add half the peanut butter, stir in, half the remaining water, stir, then the rest of the peanut butter and the rest of the water. Stir until smooth.

Continue stirring over low heat until the sauce thickens.

Serve.

Store remaining sauce in the refrigerator, as it both keeps and reheats well.