Blend the peanut butter and evaporated milk. Add the evaporated milk and peanut butter to a blender. Blend until completely smooth and the peanut butter is fully incorporated.
Add the milk and seasonings. Add the condensed milk, mixed essence, Angostura bitters, nutmeg, and cinnamon. Blend again until well combined.
Add the rum. Pour in the rum and blend again just until everything is combined.
Pour and chill. Transfer the peanut ponche de crème to a clean bottle or covered container. Refrigerate for at least 4 hours, or overnight, until thoroughly chilled.
Mix and serve. Shake the bottle well or stir before serving. Serve chilled or over ice.