1/2 cup peanut butter
1/4 cup honey
2/3 cup nonfat dry milk
Mix all the ingredients. You will probably need to use more powdered milk to make the dough not super sticky and dry enough to handle. Sophie liked using the cookie cutters on it, and I love that I can let her play without saying, "yuck, don't eat that" every other second.
As a warning, the instant it goes in the fridge it gets brittle, a little hard and difficult to work with. The girl I got this from says that after they are done she rolls it into a snake and puts it in the fridge. After they are firm she cuts them into little "cookies" and they eat their snacks. Sophie didn't care about that, she just liked eating any old piece.