Combine first 3 ingredients, and set aside. Beat margarine and peanut butter at medium speed of a mixer until light and fluffy. Gradually add sugars, beating at medium speed until well-blended. Add vanilla and egg white, and beat well. Add flour mixture; stir well. Turn dough out onto wax paper; shape into a 6-inch log. Wrap log in wax paper; freeze 3 hours.
Preheat oven to 350°.
Cut log into 24 (1/4-inch) slices, and place slices 1 inch apart on a baking sheet coated with cooking spray. Bake at 350° for 8 to 10 minutes. Remove from pan, and cool on wire racks.
Chocolate-Peanut Butter Variation: Add 1 ounce of grated semisweet chocolate to the flour mixture.
I am not a great baker, but these cookies came out really well, they were as good as they were easy. It's also a very forgiving recipe. I didn't have time for 3 hours in the freezer, so I cut and baked them after only 1 hour, and they were really good. Next time I will substitute one additional tbsp of peanut butter for one tbsp of butter.
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