Try this recipe:
Peanut Butter Play-dough
1 cup peanut butter (creamy is best)
1 cup corn syrup
1 1/4 cup dry milk
1 1/4 cup powdered sugar
Knead together until smooth and play! Refrigerate between uses.
I love this because it is a great thing to play with, as well as totally edible and quite tasty. You can combine snack time with play time, and you can eat it up before it gets all dry and gross like store-bought play-dough. I grew up with this treat and craved it all through my pregnancies.
Today we used Peanut Butter Play-dough to talk about shapes. You can draw shapes on parchment or wax paper and then turn it over so that the kids can line up their play-dough over the shapes. It's a fun and new way to learn lots of things, too. When I was sixteen, I taught Piano lessons and drew a staff on wax paper, then put pieces of play-dough on the lines or spaces and had the kid name the note. (You can also do that with candies or pennies too.)