In a large bowl, whisk together the all-purpose flour, granulated sugar, and baking powder.
In a separate bowl, whisk the large eggs. Then add the full-fat milk, evaporated milk, vegetable oil, and vanilla extract (if using), mixing until well combined.
Pour the wet ingredients into the dry ingredients. Whisk until just combined and smooth. Do not overmix.
Cover the bowl and let the batter rest in the refrigerator for at least 30 minutes, or up to 2 hours. This helps to develop a crispier waffle.
Preheat your waffle maker. Once hot, lightly brush the plates with a little vegetable oil (if not non-stick). Pour enough batter to cover the waffle plates, close the lid, and cook until golden brown and crispy, typically 3-5 minutes.
Carefully remove the waffle from the maker. Fold the waffle in half or in quarters. Spread butter, peanut butter, condensed milk, and sprinkle granulated sugar over the warm waffle before serving.
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