In a microwave-safe bowl, combine the chocolate chips, sweetened condensed milk, and peanut butter. Microwave for 1 minute. Remove from microwave and stir until hot fudge sauce is creamy and smooth. If the sauce is still a little lumpy, microwave for 15 more seconds. Remove from the microwave and stir again. The sauce will be thick. If it is too thick for your liking, you can add 2 tablespoons of hot water. Serve the hot fudge warm over ice cream, frozen yogurt, cake, pie, or brownies.

Note-you can make the hot fudge on the stovetop. Heat in a saucepan and stir until creamy and smooth. Again, add a little hot water if the sauce is too thick, but note it should be thick! Store hot fudge in the fridge for up to 2 weeks. Reheat in the microwave for 15 to 30 seconds and stir.