The secret to a good hoisin sauce is to use fermented black beans as one of the main flavor ingredients. Simply using peanut butter and other savory ingredients isn't going to cut it. While you can use a starch (potato starch, cornstarch, or wheat flour) to thicken it up, substituting the starch with peanut butter and using a tamari-based soy sauce makes this sauce gluten free. Also, you should probably use a smooth peanut butter, but alas, all I had on hand was chunky. I've read that if you have a peanut butter allergy, you can also substitute dried prunes (2 prunes per 1 tbsp peanut butter). If you do end up using peanut butter as a thickener, your sauce won't be pasty black at all. It'll be a brown-ish color, like peanut butter.
Hoisin sauce is a sweet and savory sauce, with neither element overpowering the other. And, it certainly does not use Chinese five spice powder. But, you could add it if you like that flavor in your sauce and the accompaniment is a meat-based dish.
At some point I reverse engineered Trader Joe's light soy sauce by experimenting with tamari soy sauce, rice vinegar and water until I got a sodium content that was close to Trader Joe's. You can also find that recipe here.
Makes: ~1/2 cup
Ingredients
1/4 c light soy sauce
2 tbsp organic peanut butter
1 tbsp raw honey
2 tsp rice vinegar
2 tsp sesame oil
1 garlic clove, minced
fresh ground black pepper, a few grinds
1 tbsp black fermented soybeans, rinsed and prepared
1 tsp chili sauce, or more to taste (e.g., Trader Joe's Sriracha or a sweet chili paste)
Directions
In a small bowl, soak fermented soybeans with hot water for about 5 minutes. Drain and then crush the beans with the tines of a fork. Voila. Now you have prepared fermented soy beans.
Whirl all the ingredients in a food processor until smooth. Put it into a lidded jar and refrigerate until ready to use.