Preheat the oven to 350 degrees F. Spray a standard size jelly roll pan (half sheet pan) with nonstick spray and set aside.
In a medium-size mixing bowl, whisk together the flour, baking soda, salt and cinnamon. Set aside.
In the bowl of a stand mixer fitted with the paddle attachment, or using a hand mixer, beat the butter and peanut butter until smooth.
With the mixer on medium-high speed, add the granulated sugar and brown sugar and mix until smooth, about 2 minutes.
Add the eggs and vanilla. Beat on medium-high speed for another 2 minutes or so. Mixture should be smooth, slightly fluffy, and lighter in color.
With the mixer on low, alternately add the flour mixture and the buttermilk, starting and ending with the flour. Stir in the water.
Pour the batter into the prepared pan and spread to ensure the cake batter is evenly distributed in the pan.
Bake for about 20 to 25 minutes, or until a toothpick inserted in the center comes out with a few moist crumbs on it. The top of the cake won't be shiny anymore and should have a little bounce back when you touch the top of it.
Remove the cake from the oven and place the pan on a cooling rack to cool.