Add peanut butter, honey (see note 1), olive oil, water, rice vinegar, soy sauce, pepper, and cayenne (if using) to a small, powerful blender. Blend until smooth, then refrigerate to let the flavors meld and deepen.
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Notes
Note 1: This sauce is intentionally sweet. For less sweetness, add the honey gradually to taste, or balance it with extra cayenne or red pepper flakes.Storage: Store in an airtight container in the fridge for up to 5 days. It will thicken as it chills, so just stir in a splash of water before serving to loosen it back up.