If using fresh bananas, peel and slice them. If using frozen bananas, simply measure them out. Prepare the fresh fruit as needed.
Add peanut butter, bananas, rolled oats, cacao powder, honey, and milk to a blender. If using fresh bananas, add ice for a chilled smoothie. Blend on high until smooth and creamy.
For a thicker texture, add a few ice cubes and blend again until your desired consistency is reached.
Taste the smoothie and add more honey if desired. Blend briefly to incorporate.
Pour the smoothie into two glasses and enjoy immediately with fruits.