Fill a large bowl half way with ice. Pour cold water over the ice so that the bowl is no more than ⅔ high. Place a clean bowl on top of the water bath. Place a strainer over the empty bowl.
Mix the milk, heavy cream, peanut butter, salt and half the sugar in a 2 or 3 quart saucepan, heating over a low to medium heat just until the mixture comes to a simmer. Stir occasionally to make sure the sugar and the peanut butter dissolve. (The peanut butter may not fully dissolve.)
While the liquid heats up, whisk the egg yolks with the remaining sugar. You want to whisk it until the mixture turns pale yellow, becomes thick, and forms a ribbon when dripped on itself. (You can use an electric mixer with the whisk attachment if you are feeling lazy.)
Once the liquid mixture comes to a simmer, turn the heat off and let it sit for a minute or two. With the bowl holding the egg/sugar mixture secure on the counter (if no one is around to hold it, place it on a rubber mat or wet a dishtowel and wrap it around the base of the bowl), slowly pour the heated liquid mixture into the eggs, whisking constantly. Once fully incorporated, pour the contents of the bowl back into the saucepan. Over a medium-low heat, stir the mixture constantly with a wooden spoon until it reaches 185°F or a line holds when you drag your finger across the back of the wooden spoon. (It should only take a minute or two reach the correct temperature.)
Immediately remove the saucepan from the heat and pour the cooked mixture through the strainer into the empty bowl sitting in the ice water bath. Stir in the vanilla extract. Stir the mixture as it sits in the ice bath every 2 to 3 minutes until the mixture has completely cooled. This usually takes about 10 minutes.
Pour into a container. Cover with plastic wrap directly over (touching) the mixture. Cover and place in refrigerator for 4-24 hours.
Follow your ice cream manufacturer’s directions to churn the ice cream. After it is churned, add any mix-ins by hand with a spatula or wooden spoon. Transfer the ice cream to a freezer container. Cover with a piece of parchment paper or plastic wrap directly on the surface. Cover container and freeze.