How to Make It
Preheat oven to 375°F. Line a baking sheet with parchment paper. Unroll the crescent dough on the parchment paper and press into a 13 x 8-inch rectangle.
In a small bowl, combine the peanut butter and 1 tablespoon of the sugar. Spread onto dough, leaving a ½" border. Beginning with the longer side, roll the dough into a log. Place seam side down, then cut in half lengthwise. Twist the halves together with cut sides facing up, shape into a circle, and pinch the ends together. Bake until golden brown, 18-20 minutes.
Pour the remaining ½ cup sugar into a small bowl. Add water, 1 teaspoon at a time, until you reach a smooth, pourable glaze. Drizzle the glaze over the ring.